Russia Interest Rate  2003-2017 | Data | Chart | Calendar | Forecast

The Central Bank of Russia kept its benchmark one-week repo rate unchanged at 10 percent on February 3rd, as widely expected, and signaled the possibility of further cuts in the first half of 2017 has diminished, given the internal and external developments. Policymakers said that inflation has been in line with the forecast, inflation expectations were going down gradually, and the economy was recovering faster than previously expected. Interest Rate in Russia averaged 7.23 percent from 2003 until 2017, reaching an all time high of 17 percent in December of 2014 and a record low of 5 percent in June of 2010.

Russia Interest Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-10-28 10:30 AM Interest Rate Decision 10% 10% 10% 10%
2016-12-16 10:30 AM Interest Rate Decision 10% 10% 10% 10%
2017-02-03 10:30 AM Interest Rate Decision 10.00% 10% 10% 10%
2017-03-24 10:30 AM Interest Rate Decision 10% 9%
2017-04-28 10:30 AM Interest Rate Decision 9%
2017-06-16 10:30 AM Interest Rate Decision 9%

Russia Leaves Key Rate Steady At 10%

The Central Bank of Russia kept its benchmark one-week repo rate unchanged at 10 percent on February 3rd, as widely expected, and signaled the possibility of further cuts in the first half of 2017 has diminished, given the internal and external developments. Policymakers said that inflation performance has been in line with the forecast, inflation expectations were going down gradually, and the economy was recovering faster than previously expected.

Information Notice of Bank of Russia:

Inflation. Annual inflation continues to decline in line with the Bank of Russia’s forecast. This is partially attributed to temporary factors — the ruble exchange rate and last year’s heavy crop. December saw a further slowdown in growth of prices for staple goods and services, as well as lower monthly inflation (seasonally adjusted). Domestic demand continues to exert a disinflationary effect. Households are retaining their savings behaviour model, although their sentiment improved. Consumer lending bears no inflation risks. The Bank of Russia’s forecast suggests that given today’s decision and extension of moderately tight monetary policy, annual inflation is to slow down to the 4% target by late 2017 and hold close to this level in the sequel.

Monetary conditions. In order to maintain the propensity to save and anchor sustainable inflation slowdown driven by demand-side restrictions, monetary conditions should remain moderately tight. They should also help bring inflation expectations of households and businesses further down. Positive real interest rates will be held at the level which will ensure demand for loans without increasing inflationary pressure and uphold incentives for saving. 

Economic activity. Economic recovery in 2016 was somewhat above the Bank of Russia’s expectations, as the average annual oil price was close to the baseline scenario assumptions. The Bank of Russia estimates that quarterly GDP growth rates entered positive territory in the second half of 2016, with the positive trend set to hold into the first quarter of the current year. Growth in industrial production (partially driven by import substitution) is ongoing, and so is expansion of non-oil and gas exports in several categories; investment activity is gradually perking up. The labour market is adjusting to the new economic environment, with signs beginning to emerge that skilled labour shortages are finding their way in individual segments. The Bank of Russia’s estimates signal that the observed annual rise in real wages will foster gradual growth in consumer activity. It will come without additional proinflationary pressure amid a rise in supply of goods and services. Annual GDP is expected to show positive growth in 2017; however, the rates of economic growth will be low. It takes structural improvements and time for the positive trends to advance and become sustainable.

Inflation risks. Risks remain that inflation will be above the target level of 4% in 2017; inflation risks are abating on a mid-term horizon. The inertia of inflation expectations and households’ shrinking propensity to save may prevent inflation from consolidating on the path towards the target as the effect of temporary factors comes to an end. External political and economic uncertainty remains elevated, which may negatively affect expectations as regards exchange rate and inflation. Maintenance of moderately tight monetary conditions will constrain inflation risks, including the short-term ones, coming from the launch of purchase of foreign currency in the FX market. The application of the transitional budget rule, accompanied with purchases/sales of foreign currency will help lower the dependence of the Russian economy, particularly in terms of monetary conditions and inflation dynamics, on fluctuating oil prices. In the medium term, the application of the budget rule will help bring about macroeconomic stability and more predictable and steadier interest rates in the economy.

Central Bank of the Russian Federation | Yekaterina Guchshina |
2/3/2017 10:54:18 AM

Russia Money Last Previous Highest Lowest Unit
Interest Rate 10.00 10.00 17.00 5.00 percent [+]
Interbank Rate 10.45 10.43 45.30 4.20 percent [+]
Money Supply M0 7714.70 7317.20 7714.70 0.10 RUB Billion [+]
Money Supply M1 17642.32 16584.37 17642.32 106.31 RUB Million [+]
Money Supply M2 38417.80 36433.60 38417.80 1090.10 RUB Billion [+]
Foreign Exchange Reserves 390585.00 377741.00 596566.00 4532.00 USD Million [+]
Central Bank Balance Sheet 2066.40 2014.00 2634.30 8.90 RUB Billion [+]
Loans to Private Sector 22146708.00 21922610.00 22146708.00 4601204.00 RUB Million [+]
Deposit Interest Rate 9.19 6.04 101.96 3.79 percent [+]
Cash Reserve Ratio 7.00 7.00 10.00 0.50 percent [+]

Russia Interest Rate Notes

In Russia, interest rate decisions are taken by the Central Bank of the Russian Federation. From September 16th of 2013, the official interest rate is the one-week auction repo rate. Until September 15th of 2013, the official interest rate was the refinancing rate, which was seen as a ceiling for borrowing money and a benchmark for calculating tax payments. This page provides the latest reported value for - Russia Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Russia Interest Rate - actual data, historical chart and calendar of releases - was last updated on February of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
10.00 10.00 17.00 5.00 2003 - 2017 percent Daily

Ghana 25.50 Jan/17
Argentina 24.75 Feb/17
Malawi 24.00 Dec/16
Mozambique 23.25 Feb/17
Gambia 23.00 Dec/16
Venezuela 22.49 Dec/16
Haiti 20.00 Jan/17
Iran 20.00 Dec/16
Angola 16.00 Jan/17
Belarus 16.00 Feb/17
Afghanistan 15.00 Dec/16
Azerbaijan 15.00 Dec/16
Yemen 15.00 Dec/16
Egypt 14.75 Feb/17
Sudan 14.20 Jan/17
Congo 14.00 Jan/17
Mongolia 14.00 Jan/17
Nigeria 14.00 Jan/17
Ukraine 14.00 Jan/17
Zambia 14.00 Feb/17
Liberia 13.70 Dec/16
Guinea 12.50 Dec/16
Suriname 12.50 Dec/15
Seychelles 12.42 Dec/16
Brazil 12.25 Mar/17
Tanzania 12.00 Jan/17
Djibouti 11.60 Dec/15
Uganda 11.50 Feb/17
Kazakhstan 11.00 Feb/17
Sierra Leone 11.00 Jan/17
Tajikistan 11.00 Dec/16
Zimbabwe 10.68 Dec/16
Kenya 10.00 Jan/17
Lebanon 10.00 Dec/16
Myanmar 10.00 Dec/16
Russia 10.00 Feb/17
Sao Tome and Principe 10.00 Dec/16
Uruguay 9.25 Dec/16
Mauritania 9.00 Dec/16
Moldova 9.00 Feb/17
Uzbekistan 9.00 Feb/17
Madagascar 8.30 Dec/16
Ecuador 8.10 Dec/16
Turkey 8.00 Jan/17
Burundi 7.95 Dec/16
Cape Verde 7.50 Dec/16
Colombia 7.25 Feb/17
Swaziland 7.25 Jan/17
Maldives 7.00 Dec/16
Namibia 7.00 Feb/17
Nepal 7.00 Dec/16
South Africa 7.00 Jan/17
Sri Lanka 7.00 Feb/17
Bangladesh 6.75 Dec/16
Georgia 6.75 Jan/17
Lesotho 6.64 Sep/16
Vietnam 6.50 Dec/16
India 6.25 Feb/17
Mexico 6.25 Feb/17
Papua New Guinea 6.25 Jan/17
Rwanda 6.25 Jan/17
Armenia 6.00 Feb/17
Bhutan 6.00 Dec/16
Pakistan 5.75 Jan/17
Botswana 5.50 Jan/17
Brunei 5.50 Dec/16
Dominican Republic 5.50 Jan/17
Honduras 5.50 Feb/17
Paraguay 5.50 Feb/17
Ethiopia 5.00 Dec/16
Guyana 5.00 Dec/16
Iceland 5.00 Feb/17
Jamaica 5.00 Dec/16
Kyrgyzstan 5.00 Jan/17
Bosnia and Herzegovina 4.97 Dec/16
Indonesia 4.75 Feb/17
Qatar 4.75 Jan/17
Trinidad and Tobago 4.75 Dec/16
Benin 4.50 Jan/17
Burkina Faso 4.50 Jan/17
Guinea Bissau 4.50 Jan/17
Ivory Coast 4.50 Jan/17
Mali 4.50 Jan/17
Niger 4.50 Jan/17
Senegal 4.50 Jan/17
Togo 4.50 Dec/16
El Salvador 4.47 Nov/16
China 4.35 Jan/17
Laos 4.25 Dec/16
Peru 4.25 Feb/17
Tunisia 4.25 Jan/17
Bahamas 4.00 Jan/17
Iraq 4.00 Dec/16
Mauritius 4.00 Dec/16
Serbia 4.00 Feb/17
Jordan 3.75 Dec/16
Macedonia 3.75 Dec/16
Algeria 3.50 Dec/16
Barbados 3.40 Jan/17
Chile 3.25 Feb/17
Guatemala 3.00 Jan/17
Libya 3.00 Dec/16
Malaysia 3.00 Jan/17
Philippines 3.00 Feb/17
Belize 2.50 Jan/17
Croatia 2.50 Dec/16
Kuwait 2.50 Jan/17
Cameroon 2.45 Dec/16
Central African Republic 2.45 Dec/16
Chad 2.45 Dec/16
Equatorial Guinea 2.45 Dec/16
Gabon 2.45 Dec/16
Republic of the Congo 2.45 Dec/16
Cuba 2.25 Dec/16
Morocco 2.25 Jan/17
Saudi Arabia 2.00 Dec/16
Bolivia 1.96 Dec/16
Costa Rica 1.75 Dec/16
New Zealand 1.75 Feb/17
Romania 1.75 Feb/17
Australia 1.50 Feb/17
Poland 1.50 Feb/17
Thailand 1.50 Feb/17
United Arab Emirates 1.50 Jan/17
Cambodia 1.45 Dec/16
Taiwan 1.38 Jan/17
Albania 1.25 Feb/17
South Korea 1.25 Feb/17
Oman 1.24 Dec/16
Comoros 1.15 Dec/16
Bahrain 1.00 Jan/17
Hong Kong 1.00 Jan/17
Macau 1.00 Jan/17
Hungary 0.90 Jan/17
United States 0.75 Feb/17
Panama 0.58 Dec/16
Canada 0.50 Jan/17
Fiji 0.50 Feb/17
Norway 0.50 Jan/17
Singapore 0.46 Dec/16
New Caledonia 0.25 Jan/17
United Kingdom 0.25 Feb/17
Israel 0.10 Jan/17
Czech Republic 0.05 Feb/17
Austria 0.00 Jan/17
Belgium 0.00 Jan/17
Bulgaria 0.00 Feb/17
Cyprus 0.00 Jan/17
Estonia 0.00 Jan/17
Euro Area 0.00 Jan/17
Finland 0.00 Jan/17
France 0.00 Jan/17
Germany 0.00 Jan/17
Greece 0.00 Jan/17
Ireland 0.00 Jan/17
Italy 0.00 Jan/17
Latvia 0.00 Jan/17
Lithuania 0.00 Jan/17
Luxembourg 0.00 Jan/17
Malta 0.00 Jan/17
Netherlands 0.00 Jan/17
Portugal 0.00 Jan/17
Slovakia 0.00 Jan/17
Slovenia 0.00 Jan/17
Spain 0.00 Jan/17
Japan -0.10 Jan/17
Sweden -0.50 Feb/17
Denmark -0.65 Jan/17
Switzerland -0.75 Jan/17