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

The benchmark interest rate in Russia was last recorded at 11.50 percent. Interest Rate in Russia averaged 6.84 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
11.50 12.50 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 Tuesday, July 28, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-03-13 10:30 AM 14% 15% 14% 14%
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 11.5% 11% 10.5%
2015-09-11 10:30 AM 10%
2015-10-30 10:30 AM 9.5%


Russia Cuts Key Rate to 11.5%


The Bank of Russia lowered its benchmark one-week repo rate by 100 bps to 11.5 percent in June. It is the fourth straight cut as inflation slows while risks to growth persist.

Excerpts from Information Notice of Bank of Russia:

On 15 June 2015, the Bank of Russia Board of Directors decided to reduce the key rate from 12.50 to 11.50 percent per annum, taking account of lower inflation risks and persistent risks of considerable economy cooling. Amid significant contraction in consumer demand and ruble appreciation in February-May 2015, consumer price growth continued to slow down. According to the Bank of Russia forecast, given these factors annual inflation will fall to less than 7% in June 2016 to reach the target of 4% in 2017. The Bank of Russia will be ready to continue cutting the key rate as consumer price growth declines further in compliance with the forecast but the potential of monetary policy easing will be limited by inflation risks in the next few months.

Having reached its peak in March annual inflation fell to 16.4% in April and 15.8% in May. According to Bank of Russia estimates, the annual rate of consumer price growth stood at 15.6% as of 8 June 2015. Weekly inflation stabilised at about 0.1% in May-early June. Consumer price growth decline was conditioned primarily by lower consumer demand amid contracting real income, and also ruble appreciation in February-May. Moreover, prices have adjusted to external trade restrictions imposed in August 2014 without exerting inflationary pressure.

Major macroeconomic indicators demonstrate further economy cooling. Though structural factors continue hampering the economic growth, output contraction has currently signs of cyclical nature. It is attested, among other things, by the reduced number of new orders, 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 growing part-time employment. These factors, alongside with a decrease in retail lending, will result in further decline in consumer spending. Fixed capital investments will continue to contract due to economic agents’ negative expectations with regard to the Russian economic outlook and tight lending conditions. Investment demand will also be contained by limited substitution of external sources of funding with domestic ones given shallow Russian financial market and high ruble debt burden. Implementation of government anti-recessionary measures will facilitate investments. Sluggish investor and consumer activity will result in low demand for imports. Given the floating exchange rate, exports will decline less significantly. As a result, net exports will be the only component to make a positive contribution to output growth. In 2015, GDP is expected to contract by 3.2%. Further economic situation will depend on the dynamics of energy prices and the economy’s ability to adapt to external shocks. According to Bank of Russia forecasts, in 2016, GDP growth will stand at 0.7%, if oil prices recover to US$70 per barrel by late 2016. However, in case oil prices remain at about US$60 per barrel during 2016, output will contract by 1.2%.

Inflation risks emanate primarily from aggravation of external economic situation, enhanced inflation expectations, revision of increases in administered prices and tariffs planned for 2016-2017, and fiscal policy easing. The Bank of Russia will be ready to continue cutting the key rate as inflation risks abate and inflation declines further in compliance with the forecast but the potential of monetary policy easing will be limited by inflation risks in the next few months.

Central Bank of the Russian Federation | Joana Taborda | joana.taborda@tradingeconomics.com
6/15/2015 11:40:56 AM


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%
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 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 Money Last Previous Highest Lowest Unit
Interest Rate 11.50 12.50 17.00 5.00 percent [+]
Interbank Rate 12.68 12.86 190.89 3.99 percent [+]
Money Supply M0 6576.60 6619.60 7171.50 0.10 RUB Billion [+]
Money Supply M1 14974.66 14815.40 15533.60 106.31 RUB Million [+]
Money Supply M2 32310.20 32103.40 32310.20 1090.10 RUB Billion [+]
Central Bank Balance Sheet 1462.80 1592.20 2101.50 8.90 RUB Billion [+]
Foreign Exchange Reserves 361571.00 356770.00 596566.00 4532.00 USD Million [+]
Loans to Private Sector 20532717.00 20484858.00 20849792.00 4601204.00 RUB Million [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 Jul/15 2.00 17.50 2.00 percent [+]
Brazil 13.75 Jun/15 13.25 45.00 7.25 percent [+]
Canada 0.50 Jul/15 0.75 16.00 0.25 percent [+]
China 4.85 Jun/15 5.10 10.98 4.85 percent [+]
Euro Area 0.05 Jul/15 0.05 4.75 0.05 percent [+]
India 7.25 Jun/15 7.50 14.50 4.25 percent [+]
Indonesia 7.50 Jul/15 7.50 12.75 5.75 percent [+]
Japan 0.00 Jul/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Jun/15 3.00 9.25 3.00 percent [+]
Russia 11.50 Jun/15 12.50 17.00 5.00 percent [+]
South Korea 1.50 Jul/15 1.50 5.25 1.50 percent [+]
Switzerland -0.75 Jun/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Jul/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Jul/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jun/15 0.25 20.00 0.25 percent [+]