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.