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

The Bank of Russia lowered its benchmark one-week repo rate by 50 bps to 11 percent in June. It is the fifth straight cut. Interest Rate in Russia averaged 6.87 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.

Russia Interest Rate
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Actual Previous Highest Lowest Dates Unit Frequency
11.00 11.50 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 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. Content for - Russia Interest Rate - was last refreshed on Monday, August 31, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-04-30 11:30 AM 12.5% 14% 13% 13%
2015-06-15 11:30 AM 11.5% 12.5% 11.5% 11.5%
2015-07-31 11:30 AM 11% 11.5% 11% 10.5%
2015-09-11 11:30 AM 11% 11%
2015-10-30 10:30 AM 10.5%
2015-12-11 10:30 AM 10.5%

Russia Cuts Key Rate to 11%

The Bank of Russia lowered its benchmark one-week repo rate by 50 bps to 11 percent on July 31st. It is the fifth straight cut aimed at boosting growth and despite a slight increase in the inflation risks.

Excerpts from Information Notice of Bank of Russia:

On 31 July 2015, the Bank of Russia Board of Directors decided to reduce the key rate from 11.50 to 11.00 per cent per annum, taking into account that the balance of risks shifts towards the considerable economy cooling despite a slight increase in inflation risks. According to the Bank of Russia forecast, consumer price growth will continue to slow amid slack domestic demand. Annual inflation will fall below 7% in July 2016 and reach the 4% target in 2017. The Bank of Russia will further decide on its key rate depending on the balance of inflation risks and risks of economy cooling.

Annual inflation temporarily accelerated in July, which was expected and caused by a greater increase in utility tariffs compared with 2014. As of 27 July 2015, annual consumer price growth rate rose to 15.8% from 15.3% in June, according to Bank of Russia estimates. Weekly inflation declined to 0.0 — 0.1% again after a significant increase early this month. Amid a considerable reduction in real income slack consumer demand hampers consumer price growth.

Major macroeconomic indicators demonstrate further economy cooling. The Bank of Russia estimates GDP decrease in 2015 Q2 compared with the similar quarter last year to be more significant than that in Q1 2015. Though structural factors continue hampering the economic growth, output contraction is having cyclical nature. Low consumer and business confidence as well as decreased capacity and labour force utilisation are indicative of this. However, unemployment remains low amid the negative demographic trends, while the labour market adjusts to the new conditions largely through wage decrease and growing part-time employment. These factors along with the decline in retail lending will result in further contraction of consumer spending. Fixed capital investments will continue to contract due to economic agents’ negative expectations with regard to the Russian economic outlook and tighter lending conditions. Poor substitution of external funding sources with domestic ones caused by shallow Russian financial market and high debt burden will also contain investment demand. Implementation of government anti-recession measures will facilitate investments. Sluggish investor and consumer activity will result in low demand for imports. Export decline will be less considerable given the floating exchange rate. As a result, net exports will be the only component to make a positive contribution to annual output growth. Due to a more significant domestic demand shrank than that expected in the first half of 2015, the output forecast may be revised downwards.

The economic situation in Russia will further depend on the dynamics of world energy prices and the economy’s ability to adapt to external shocks. At the same time the scenario with oil prices remaining below US$60 per barrel for a long time is more probable than it was in June.

Inflation risks arise mostly from aggravated external economic situation, enhanced inflation expectations, revision of increases in administered prices and tariffs, of payments indexation for 2016-2017, and fiscal policy easing in general. The Bank of Russia will further decide on its key rate depending on the balance of inflation risks and risks of economy cooling.

Central Bank of the Russian Federation | Yekaterina Guchshina |
7/31/2015 12:09:19 PM

Recent Releases

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.
Published on 2015-04-30

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%
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Russia Raises Key Rate to 17%
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Published on 2014-12-15

Russia Money Last Previous Highest Lowest Unit
Interest Rate 11.00 11.50 17.00 5.00 percent [+]
Interbank Rate 11.93 12.49 190.89 3.99 percent [+]
Money Supply M0 6659.50 6576.60 7171.50 0.10 RUB Billion [+]
Money Supply M1 15104.30 14974.66 15533.60 106.31 RUB Million [+]
Money Supply M2 32492.80 32310.20 32492.80 1090.10 RUB Billion [+]
Central Bank Balance Sheet 1083.50 984.90 2101.50 8.90 RUB Billion [+]
Foreign Exchange Reserves 357626.00 361571.00 596566.00 4532.00 USD Million [+]
Loans to Private Sector 20468014.00 20532717.00 20849792.00 4601204.00 RUB Million [+]

Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 Aug/15 2.00 17.50 2.00 percent [+]
Brazil 14.25 Jul/15 13.75 45.00 7.25 percent [+]
Canada 0.50 Jul/15 0.75 16.00 0.25 percent [+]
China 4.60 Aug/15 4.85 10.98 4.60 percent [+]
Euro Area 0.05 Jul/15 0.05 4.75 0.05 percent [+]
India 7.25 Aug/15 7.25 14.50 4.25 percent [+]
Indonesia 7.50 Aug/15 7.50 12.75 5.75 percent [+]
Japan 0.00 Aug/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Jul/15 3.00 9.25 3.00 percent [+]
Russia 11.00 Jul/15 11.50 17.00 5.00 percent [+]
South Korea 1.50 Aug/15 1.50 5.25 1.50 percent [+]
Switzerland -0.75 Jun/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Aug/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Aug/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jul/15 0.25 20.00 0.25 percent [+]