Russia Interest Rate 2003-2015 | Data | Chart | Calendar | Forecast

The benchmark interest rate in Russia was last recorded at 12.50 percent. Interest Rate in Russia averaged 6.78 percent from 2003 until 2015, reaching an all time high of 17 percent in December of 2014 and a record low of 5 percent in June of 2010. Interest Rate in Russia is reported by the Central Bank of Russia.

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Russia Interest Rate
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Actual Previous Highest Lowest Dates Unit Frequency
12.50 14.00 17.00 5.00 2003 - 2015 percent Daily
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 - Russia Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Russia Interest Rate - was last refreshed on Thursday, May 28, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-01-30 10:30 AM 15% 17% 17% 17%
2015-03-13 10:30 AM 14% 15% 14% 14%
2015-04-30 11:30 AM 12.5% 14% 13% 13%
2015-06-15 10:30 AM 12.5% 12.5%
2015-07-31 10:30 AM 12%
2015-09-11 10:30 AM 12%


Russia Lowers Key Rate to 12.5%


The Bank of Russia cut its benchmark one-week repo rate by a bigger-than-expected 150bps to 12.5 percent in April. It is the third straight cut as inflationary pressures slowed while the economy is cooling.

Excerpts from Information Notice of Bank of Russia: 

On 30 April 2015, the Bank of Russia Board of Directors decided to reduce the key rate from 14.00 to 12.50 percent per annum, taking account of lower inflation risks and persistent risks of considerable economy cooling. Amid ruble appreciation and significant contraction in consumer demand in February-April 2015, monthly consumer price growth declines and annual inflation tends to stabilise. According to the Bank of Russia forecast, consumer price growth will slow down faster than expected. Annual inflation will fall to less than 8% in a year (April 2016 on April 2015) and to the target of 4% in 2017. As inflation risks abate further, the Bank of Russia will be ready to continue cutting the key rate.

The dynamics of the major macroeconomic indicators show a considerable GDP contraction in 2015 Q1. Though structural factors continue hampering the economic growth, output contraction is currently mostly of cyclical nature. It is attested, among other things, by the on-going decline in production capacity and labour force utilisation, and a certain rise in the unemployment rate. According to Bank of Russia estimates, the labour market adjusts to the new conditions mostly through wage decrease and part-time employment. These factors, alongside with a decrease in retail lending, will result in further decline in consumer activity. Fixed capital investments will continue to contract due to persistently high economic uncertainty, deterioration of companies’ financial performance, tighter lending conditions, limited ability to replace foreign sources of funding with domestic ones given shallow Russian financial market, as well as high prices for imported investment goods. Sluggish domestic demand will contain imports. Net exports will be the only factor to make a positive contribution to the output growth. These factors will lead to a fall in GDP in 2015. Later on, as import substitution expands, sources of funding gradually diversify, lending conditions ease, and oil prices rise to some extent, the quarter-on-quarter GDP growth is expected to recover.

Thus, the current economic conditions will contribute to inflation decline. The ruble appreciation will have additional restraining influence on consumer prices. Inflation, both monthly and annual, is expected to gradually decline. A slowdown in consumer price growth will make room for inflation expectations decrease. According to the Bank of Russia forecast, annual inflation will slow down to less than 8% in a year and to the target of 4% in 2017.

Inflation risks emanate primarily from persistently high inflation expectations, aggravation of external economic situation, revision of planned increases in administered prices and tariffs, fiscal policy easing, and accelerated growth in nominal wages, including those in the public sector. As inflation risks abate further, the Bank of Russia will be ready to continue cutting the key rate.

Central Bank of the Russian Federation | Joana Taborda | joana.taborda@tradingeconomics.com
4/30/2015 11:42:56 AM


Recent Releases

Russia Cuts Key Rate to 14%
Russian central bank lowered its benchmark one-week repo rate by 100 bps to 14 percent on March 13th, as "balance of risks is still shifted towards a more significant cooling of the economy". It is the second straight rate cut. Published on 2015-03-13

Russia Cuts Key Rate to 15%
Central bank of Russia surprisingly cut its benchmark one-week repo rate by 200 bps to 15 percent in January, saying inflation is expected to fall in mid-2015 while the economy is cooling. The move was quite unexpected and follows a 650 bps increase in December. Published on 2015-01-30


Russia Money Last Previous Highest Lowest Unit
Interest Rate 12.50 14.00 17.00 5.00 percent [+]
Interbank Rate 13.85 15.50 190.89 3.99 percent [+]
Money Supply M0 6540.80 6671.90 7171.50 0.10 RUB Billion [+]
Money Supply M1 14850.20 15083.10 15533.60 106.31 RUB Million [+]
Money Supply M2 31636.70 31716.40 32110.50 1090.10 RUB Billion [+]
Central Bank Balance Sheet 1112.90 1181.90 2101.50 8.90 RUB Billion [+]
Foreign Exchange Reserves 356005.00 356365.00 596566.00 4532.00 USD Million [+]
Loans to Private Sector 31288200.00 31596258.00 31878575.00 6179836.00 RUB Million [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 May/15 2.25 17.50 2.00 percent [+]
Brazil 13.25 Apr/15 12.75 45.00 7.25 percent [+]
Canada 0.75 May/15 0.75 16.00 0.25 percent [+]
China 5.10 May/15 5.35 10.98 5.10 percent [+]
Euro Area 0.05 Apr/15 0.05 4.75 0.05 percent [+]
France 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Apr/15 0.05 4.75 0.05 percent [+]
India 7.50 Apr/15 7.50 14.50 4.25 percent [+]
Indonesia 7.50 May/15 7.50 12.75 5.75 percent [+]
Italy 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Japan 0.00 May/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Apr/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Russia 12.50 Apr/15 14.00 17.00 5.00 percent [+]
South Korea 1.75 May/15 1.75 5.25 1.75 percent [+]
Spain 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Apr/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 May/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 May/15 0.50 17.00 0.50 percent [+]
United States 0.25 Apr/15 0.25 20.00 0.25 percent [+]