The Bank of Russia held its benchmark interest rate at 16% in its March 2024 meeting, as expected, but signaled that it will leave borrowing costs at a restrictive level for a long period to achieve its disinflation target. The Bank noted that upside inflation risks are lower than those observed in the fourth quarter of 2023, warranting an end to its hiking momentum. Still, policymakers warned that domestic demand continues to outstrip the country’s capacity for producing goods and services, limiting investors' hopes for looser monetary conditions. Forward-looking indicators from the central bank suggest that the economy continued to grow at a strong pace in the first quarter after the country’s fourth-quarter GDP surprised on the upside. That coincides with a weak ruble, supply bottlenecks from sanctions, and a tight labor crisis stemming from Russia’s military mobilization to cap capacity and support inflation risks. Still, the CBR sees inflation dropping toward 4% this year. source: Central Bank of Russia

The benchmark interest rate in Russia was last recorded at 16 percent. Interest Rate in Russia averaged 7.53 percent from 2003 until 2024, reaching an all time high of 20.00 percent in February of 2022 and a record low of 4.25 percent in July of 2020. 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 - data, historical chart, forecasts and calendar of releases - was last updated on April of 2024.

The benchmark interest rate in Russia was last recorded at 16 percent. Interest Rate in Russia is expected to be 16.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Russia Interest Rate is projected to trend around 9.00 percent in 2025, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-12-15 10:30 AM Interest Rate Decision 16% 15% 16% 16.0%
2024-02-16 10:30 AM Interest Rate Decision 16% 16% 16% 16%
2024-03-22 10:30 AM Interest Rate Decision 16% 16% 16% 16.0%
2024-04-26 10:30 AM Interest Rate Decision 16% 16% 16.0%
2024-05-08 10:30 AM Monetary Policy Report
2024-06-07 10:30 AM Interest Rate Decision


Related Last Previous Unit Reference
Cash Reserve Ratio 8.50 8.50 percent Mar 2024
Central Bank Balance Sheet 59001704.00 60516725.00 RUB Million Dec 2023
Deposit Interest Rate 14.61 14.49 percent Feb 2024
Foreign Exchange Reserves 590374.00 582636.00 USD Million Mar 2024
Interbank Rate 17.47 17.47 percent Apr 2024
Interest Rate 16.00 16.00 percent Mar 2024
Loans to Private Sector 61360000.00 60605000.00 RUB Million Dec 2023
Money Supply M0 16708.80 16756.40 RUB Billion Feb 2024
Money Supply M1 49368.77 48595.14 RUB Billion Feb 2024
M2 Money Supply YoY 99422.00 97816.70 RUB Billion Feb 2024

Russia Interest Rate
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.
Actual Previous Highest Lowest Dates Unit Frequency
16.00 16.00 20.00 4.25 2003 - 2024 percent Daily

News Stream
Russia Holds Key Rate at 16%
The Bank of Russia held its benchmark interest rate at 16% in its March 2024 meeting, as expected, but signaled that it will leave borrowing costs at a restrictive level for a long period to achieve its disinflation target. The Bank noted that upside inflation risks are lower than those observed in the fourth quarter of 2023, warranting an end to its hiking momentum. Still, policymakers warned that domestic demand continues to outstrip the country’s capacity for producing goods and services, limiting investors' hopes for looser monetary conditions. Forward-looking indicators from the central bank suggest that the economy continued to grow at a strong pace in the first quarter after the country’s fourth-quarter GDP surprised on the upside. That coincides with a weak ruble, supply bottlenecks from sanctions, and a tight labor crisis stemming from Russia’s military mobilization to cap capacity and support inflation risks. Still, the CBR sees inflation dropping toward 4% this year.
2024-03-22
Russia Pauses Tightening Campaign
The CBR held its key policy rate at 16% in February, as broadly expected by markets, marking a pause to the 850bps hiking campaign that started in July of 2023. The central bank noted that inflationary pressures have eased compared to those observed in the fourth quarter of last year, with the latest gauges pointing to an annualized monthly inflation rate of 6.6% in December compared to averages of 11.5% in late 2023. The CBR now expects inflation to end the year below 4.5% and remain close to its target of 4% thereafter. Still, policymakers noted that while slightly lower, upside risks to inflation persist in the Russian economy. The GDP expanded by a larger-than-expected 3.6% in 2023, significantly outpacing central bank estimates of the adequate capacity of goods and services output, as the country continues to struggle with Western sanctions. Additionally, the economy sustains a labor shortage due to the military mobilization, adding to capacity pressures
2024-02-16
Russia Hikes Policy Rate by 100bps
The Bank of Russia raised its key interest rate by 100bps to 16% in December, in line with market expectations, and signaled that monetary policy will remain elevated for a prolonged period to counter increasing inflationary pressures. The decision added to 850 bps in hikes since the start of the bank’s tightening cycle in July. Inflation expectations continued to increase for consumers and enterprises, risking unsustainable price growth and warranting an increase in the key policy rate. Higher borrowing costs were also deemed appropriate as the Russian GDP is likely to surpass the central bank’s previous estimates in October at over 3%, while credit growth has slowed but remains at historically high levels. Additionally, the bank noted that demand continues to outpace domestic capacity, linked to the laborforce crisis brought by the Kremlin’s military mobilization flagged previously. Inflation is expected to close the year below 7.5%, before returning to 4%-4.5% level by 2024.
2023-12-15