Russia Interest Rate  2003-2016 | Data | Chart | Calendar | Forecast

The Bank of Russia kept its benchmark one-week repo rate unchanged at 11% on April 29th, saying inflation is easing although at a slower pace than anticipated due to budget uncertainties and ambiguity in nominal wages. Policymakers also said a rate cut could be considered in next meetings if inflationary risks decrease. Interest Rate in Russia averaged 7 percent from 2003 until 2016, 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.

Russia Interest Rate
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Actual Previous Highest Lowest Dates Unit Frequency
11.00 11.00 17.00 5.00 2003 - 2016 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 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 May of 2016.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-01-29 10:30 AM Interest Rate Decision 11% 11% 11% 11%
2016-03-18 10:30 AM Interest Rate Decision 11% 11% 11% 10.5%
2016-04-29 10:30 AM Interest Rate Decision 11% 11% 11% 11%
2016-06-10 10:30 AM Interest Rate Decision 11% 10.5%
2016-07-29 10:30 AM Interest Rate Decision 10.5%
2016-09-16 10:30 AM Interest Rate Decision 10.5%

Russia Holds Key Rate at 11%

The Bank of Russia kept its benchmark one-week repo rate unchanged at 11% on April 29th, saying inflation is easing although at a slower pace than anticipated due to budget uncertainties and ambiguity in nominal wages. Policymakers also said a rate cut could be considered in next meetings if inflationary risks decrease.

Information Notice of Bank of Russia:

Inflation fell perceptibly; however, the trend bears risks of instability. Slower consumer price growth is triggered by weak demand and gradually descending inflation expectations, driven by, inter alia, the moderately tight monetary policy. Meanwhile, the factors, which are likely to have a temporary impact, have also made a considerable contribution to inflation reduction. They include the Government’s decisions on indexation of wages, pensions, administrated prices and tariffs, as well as a drop in global food prices.

Under the Bank of Russia estimates, the annual consumer price growth rate is down to 7.3% as of 25 April 2016 / as of 25 April 2016 remained at the level of March 2016 of 7.3%. This is in line with the inflation forecast for the year ahead, which the Bank of Russia published in its April 2015 press release (below 8%). In mid-2016, the annual consumer price growth is likely to accelerate temporarily owing to the low-base effect of the previous year. However, further on inflation will continue to go down. The Bank of Russia predicts, consistent with the decision, the annual inflation to stand at about 5% in April 2017, to reach the 4% target in late 2017.

Key macroeconomic indicators show higher resistance of the Russian economy to fluctuations in oil prices. The floating exchange rate partially sets off the negative impact of external shocks. The development of import substitution and expansion of non-commodity exports make a positive contribution to industrial production dynamics. Capacity utilisation indicators have improved. The on-going shifts in the economy anticipate the beginning of its recovery growth. Quarterly GDP growth is expected to reach positive territory in 2016 H2 — early 2017.

Interest rates in the economy are set to decline further even with the key rate unchanged. This is mainly driven by the planned Reserve Fund spending to finance the budget deficit and the ensuing changeover in the banking sector to a liquidity surplus.

There remain elevated inflation risks. These primarily stem from slowly declining inflation expectations against the inflation target, mixed data on movements being observed in nominal wages, uncertainty in parameters of further wages and pensions indexation, and from the absence of mid-term budget consolidation strategy. Due to the continued supply glut in the oil market, the risks of crude prices dropping and their negative pressure on exchange rate and inflation expectations remain high enough.

Moving forward, should inflation risks fall as much as to ensure with greater certainty that the Bank of Russia achieves its inflation target, the Bank of Russia will resume a gradual lowering of its key rate at one of its forthcoming Board meetings.

Central Bank of the Russian Federation | Yekaterina Guchshina |
4/29/2016 12:15:21 PM

Russia Money Last Previous Highest Lowest Unit
Interest Rate 11.00 11.00 17.00 5.00 percent [+]
Interbank Rate 11.54 11.31 190.89 3.99 percent [+]
Money Supply M0 7142.90 7149.50 7239.10 0.10 RUB Billion [+]
Money Supply M1 16611.70 16283.30 16611.70 106.31 RUB Million [+]
Money Supply M2 35440.10 35105.40 35785.50 1090.10 RUB Billion [+]
Foreign Exchange Reserves 391521.00 387008.00 596566.00 4532.00 USD Million [+]
Central Bank Balance Sheet 1463.00 1593.00 2177.40 8.90 RUB Billion [+]
Loans to Private Sector 21437640.00 21427885.00 21437640.00 4601204.00 RUB Million [+]
Deposit Interest Rate 6.04 5.59 101.96 3.79 percent [+]
Cash Reserve Ratio 5.25 4.25 10.00 0.50 percent [+]

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