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

The benchmark interest rate in Russia was last recorded at 15 percent. Interest Rate in Russia averaged 6.66 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


Actual Previous Highest Lowest Dates Unit Frequency
15.00 17.00 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 Saturday, January 31, 2015.


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.

Excerpts from Information Notice of Bank of Russia:

The decision to dramatically raise the key rate taken by the Bank of Russia on 15 December 2014 resulted in stabilisation of inflation and depreciation expectations to the extent the Bank of Russia expected. The current surge of inflation is driven by the accelerated price adjustment to the ruble depreciation being time-limited. Further the inflation pressure will be contained by decrease of economic activity. According to Bank of Russia forecast, consumer price growth will be lower than 10% in January 2016.

According to Bank of Russia estimates, monthly consumer price growth will moderate slightly in January 2015, but annual inflation will continue the upward trend with a peak in the Q2 of 2015.

Current monetary conditions set the ground for inflation decline in the medium run. Annual money supply (M2) growth rate decreased considerably. Significant growth of interest rates on household deposits will stimulate the propensity to save and increase the attractiveness of deposits. Given lending rates hike and tighter borrower and collateral requirements, lending growth (adjusted for currency revaluation) slowed down.

Certain increase of economic activity in December 2014 was driven by temporal factors, including growing demand for durable goods amid higher inflation expectations on the back of more rapid exchange rate pass-through. According to Bank of Russia estimates, the annual real GDP growth rate for the year 2014 will amount to 0.6%. Further substantial decrease of output is expected amid the deterioration of external conditions resulting from oil price drop and foreign financial markets inaccessibility for Russian borrowers. Amid the increase in prices for the imported investment goods, deterioration in financial performance of companies, persistently limited access to long-term financing, and tighter lending conditions, fixed capital investments will continue to contract. Real wage decrease and a slowdown in retail lending growth will result in lower consumer demand. The negative impact of deteriorated external conditions will be only partially mitigated by the exchange rate dynamics. According to Bank of Russia estimates, annual GDP growth will amount to (-3.2%) in the first half of 2015. The decision taken is aimed at averting the sizeable decline in economic activity against the background of negative external factors.

The ruble depreciation will further affect the prices of goods and services contributing to the likely increase in annual inflation in the next months. Nevertheless, inflation and inflation expectations are forecasted to decrease as the economy gradually adjusts to changing external conditions and the impact of the exchange rate dynamics on prices exhausts. Slowdown in consumer price growth will be facilitated by subdued aggregate demand with total goods and services output remaining below the potential as well as by slightly tight fiscal policy. Inflation is expected to be lower than 10% in January 2016.

Central Bank of the Russian Federation | Joana Taborda | joana.taborda@tradingeconomics.com
1/30/2015 10:45:21 AM


Recent Releases

Russia Raises Key Rate to 17%
Central Bank of Russia hiked its benchmark interest rate by 650 basis points to 17 percent, effective December 16th. It was the biggest increase since 1998 default, aimed at limiting ruble depreciation and inflation risks. Published on 2014-12-15

Russia Raises Key Rate to 10.5%
Russian central bank raised its benchmark one-week repo rate for the second straight meeting by 100 bps to 10.5 percent, aiming to fight inflation and support the ruble. Policymakers also cut growth forecasts sharply due to lower oil prices. Published on 2014-12-11


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-12-11 10:30 AM
Interest Rate Decision 
10.5% 9.5% 10.5% 9.5%
2014-12-15 10:30 PM
Interest Rate Decision 
17% 11.25%
2015-01-30 10:30 AM
Interest Rate Decision 
15% 17% 17% 17%
2015-03-13 09:50 AM
Interest Rate Decision 
15% 20.25%
2015-03-13 10:30 AM
Interest Rate Decision 
20.25%
2015-04-30 10:30 AM
Interest Rate Decision 
20.25%


Russia Money Last Previous Highest Lowest Unit
Interest Rate 15.00 17.00 17.00 5.00 percent [+]
Interbank Rate 21.33 11.53 190.89 3.99 percent [+]
Money Supply M0 6920.00 6907.60 6982.60 0.10 RUB Billion [+]
Money Supply M1 14789.50 14298.87 15533.60 106.31 RUB Million [+]
Money Supply M2 30625.60 30268.40 31404.70 1090.10 RUB Billion [+]
Central Bank Balance Sheet 1254.10 1347.00 2101.50 8.90 RUB Billion [+]
Foreign Exchange Reserves 385460.00 418880.00 596566.00 4532.00 USD Million [+]
Loans to Private Sector 31423516.00 31037232.00 31423516.00 6179836.00 RUB Million [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.50 Dec/14 2.50 17.50 2.50 percent [+]
Brazil 12.25 Jan/15 11.75 45.00 7.25 percent [+]
Canada 0.75 Jan/15 1.00 16.00 0.25 percent [+]
China 5.60 Dec/14 5.60 10.98 5.31 percent [+]
Euro Area 0.05 Jan/15 0.05 4.75 0.05 percent [+]
France 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Jan/15 0.05 4.75 0.05 percent [+]
India 7.75 Jan/15 8.00 14.50 4.25 percent [+]
Indonesia 7.75 Jan/15 7.75 12.75 5.75 percent [+]
Italy 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Jan/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Jan/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Russia 15.00 Jan/15 17.00 17.00 5.00 percent [+]
South Korea 2.00 Jan/15 2.00 5.25 2.00 percent [+]
Spain 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Jan/15 -0.25 3.50 -0.75 percent [+]
Turkey 7.75 Jan/15 8.25 500.00 4.50 percent [+]
United Kingdom 0.50 Aug/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jan/15 0.25 20.00 0.25 percent [+]