Russia Interest Rate 2003-2014 | Data | Chart | Calendar | Forecast

The benchmark interest rate in Russia was last recorded at 8 percent. Interest Rate in Russia averaged 6.51 Percent from 2003 until 2014, reaching an all time high of 10.50 Percent in April of 2009 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


Actual Previous Highest Lowest Dates Unit Frequency
8.00 8.00 10.50 5.00 2003 - 2014 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 Friday, October 24, 2014.


Russia Leaves Monetary Policy Unchanged


At its September 12th, 2014 meeting, Russian central bank decided to leave its benchmark one-week repo rate steady at 8 percent, as the current monetary policy stance is expected to bring inflation down to 4 percent in the medium run.

Excerpts from Information Notice of Bank of Russia:

In August — early September 2014 the year-on-year consumer prices growth rate increased again due to materialization of inflation risks associated with aggravation of geopolitical tensions, the imposition of external trade restrictions and the impact of these developments on the ruble exchange rate dynamics. As a result, consumer price growth rate is likely to remain exceeding 7% till the end of 2014. In addition to this, the risks related to possible changes in tax and tariff policy persist. According to the Bank of Russia estimates current monetary policy stance will ensure decline in consumer price growth rate to the target of 4% in the medium run. The Bank of Russia will decide whether it is appropriate to change the key rate considering the risks for achieving medium-term inflation target taking into account economic development prospects. If inflation expectations remain at the elevated level and the threat of inflation exceeding the target in the medium-term emerge the Bank of Russia may continue raising the key rate.

Should the external political situation normalize, economic uncertainty decrease and expectations of economic agents improve, investment activity will see gradual recovery. Consumer demand growth will stabilize at a lower level. Net export contribution to GDP growth will stand close to zero. According to the Bank of Russia estimates, GDP growth rate in 2015 will amount to 0.9-1.1%.

Consumer price growth rate with high probability is likely to remain exceeding 7% till the end of 2014. Further inflation dynamics will be determined, inter alia, by the speed of adjustment of the economy to the imposed restrictions. The increase in consumer prices growth caused by the aforementioned factor is unlikely to be protracted. In the absence of negative shocks, decline in inflation and inflation expectations is expected to resume in the first half of 2015 as the impact of the mentioned restrictions on prices is exhausted. Subdued aggregate demand along with total output of goods and services remaining slightly below potential will also facilitate inflation reduction. Current monetary policy stance will ensure deceleration of inflation to the target of 4% in the medium term.

Central Bank of the Russian Federation | Joana Taborda | joana.taborda@tradingeconomics.com
9/12/2014 10:57:21 AM


Recent Releases

Russia Raises Key Rate to 8%
Russian central bank hiked its benchmark one-week repo rate by 50 bps to 8 percent on July 25th, aiming to curb high inflation caused by geopolitical tensions. Policymakers also said that the interest rates could rise further if high inflation risks persist. Published on 2014-07-25

Russia Leaves Monetary Policy Unchanged
At its June 16th, 2014 meeting, Central Bank of Russia left its benchmark one-week repo rate on hold at 7.5 percent, following a 50 bps increase last meeting. Policymakers cited concerns over high inflation and hinted future rate hikes in case existing inflation risks materialize. Published on 2014-06-16


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-04-25 10:30 AM Russia
Interest Rate Decision
7.5% 7.0% 7% 7%
2014-06-16 10:30 AM Russia
Interest Rate Decision
7.5% 7.5% 7.5% 7.75%
2014-07-25 10:40 AM Russia
Interest Rate Decision
8.0% 7.5% 7.5% 7.5%
2014-09-12 10:30 AM Russia
Interest Rate Decision
8.0% 8.0% 8.0% 8%
2014-10-31 09:30 AM Russia
Interest Rate Decision
8.0% 8% 8.5%


Russia Money Last Previous Highest Lowest Unit
Interest Rate 8.00 8.00 10.50 5.00 Percent [+]
Interbank Rate 9.38 9.00 190.89 3.99 Percent [+]
Money Supply M0 6763.50 6763.10 6982.60 0.10 RUB Billion [+]
Money Supply M1 14995.40 14762.50 15533.60 106.31 RUB Million [+]
Money Supply M2 30426.20 30245.60 31404.70 1090.10 RUB Billion [+]
Central Bank Balance Sheet 1035.80 1173.30 1569.50 8.90 RUB Billion [+]
Foreign Exchange Reserves 468762.00 478250.00 596566.00 4532.00 USD Million [+]
Loans to Private Sector 29753845.00 29366179.00 29753845.00 6179836.00 RUB Million [+]