The Bank of Russia hiked its benchmark interest rate by 200bps to 18% in its July 2024 decision, consistent with signals from its June meeting and expectations from financial markets, and stated that it considers more rate hikes should they be needed to control inflation. The hike marked the resumption of the central bank’s tightening cycle after keeping the prior terminal rate of 16% since December of 2023. The CBR noted that domestic demand continued to outstrip the limited supply capacity that the Russian economy is able to offer, triggering aggressive inflationary pressures and warranting higher borrowing costs. Besides the pressure on supply capacity from Western sanctions, the CBR also noted that labor shortages continue to grow amid the fallout of President Putin’s military mobilization and the resulting diaspora of working-age men. The central bank now expects inflation to end 2024 within the 6.5%-7% range before declining toward the 4% range in the latter part of 2025. source: Central Bank of Russia

The benchmark interest rate in Russia was last recorded at 18 percent. Interest Rate in Russia averaged 7.66 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 September of 2024.

The benchmark interest rate in Russia was last recorded at 18 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 10.00 percent in 2025 and 9.00 percent in 2026, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-04-26 10:30 AM Interest Rate Decision 16% 16% 16% 16.0%
2024-06-07 10:30 AM Interest Rate Decision 16% 16% 16% 16.0%
2024-07-26 10:30 AM Interest Rate Decision 18% 16% 18% 18.0%
2024-09-13 10:30 AM Interest Rate Decision 18% 18% 18%
2024-10-25 10:30 AM Interest Rate Decision
2024-11-02 10:30 AM Monetary Policy Report


Related Last Previous Unit Reference
Cash Reserve Ratio 8.50 8.50 percent Jul 2024
Central Bank Balance Sheet 59939985.00 62189594.00 RUB Million Jun 2024
Deposit Interest Rate 16.45 15.09 percent Jun 2024
Foreign Exchange Reserves 613715.00 602050.00 USD Million Aug 2024
Interbank Rate 17.47 17.47 percent Sep 2024
Interest Rate 18.00 16.00 percent Jul 2024
Loans to Private Sector 61360000.00 60605000.00 RUB Million Dec 2023
Money Supply M0 16782.10 16706.00 RUB Billion Jul 2024
Money Supply M1 51098.30 50276.50 RUB Billion Jul 2024
M2 Money Supply YoY 104351.30 103557.20 RUB Billion Jul 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
18.00 16.00 20.00 4.25 2003 - 2024 percent Daily


News Stream
Russia Hikes Interest Rate by 200bps, Considers More Hikes
The Bank of Russia hiked its benchmark interest rate by 200bps to 18% in its July 2024 decision, consistent with signals from its June meeting and expectations from financial markets, and stated that it considers more rate hikes should they be needed to control inflation. The hike marked the resumption of the central bank’s tightening cycle after keeping the prior terminal rate of 16% since December of 2023. The CBR noted that domestic demand continued to outstrip the limited supply capacity that the Russian economy is able to offer, triggering aggressive inflationary pressures and warranting higher borrowing costs. Besides the pressure on supply capacity from Western sanctions, the CBR also noted that labor shortages continue to grow amid the fallout of President Putin’s military mobilization and the resulting diaspora of working-age men. The central bank now expects inflation to end 2024 within the 6.5%-7% range before declining toward the 4% range in the latter part of 2025.
2024-07-26
Russia Holds Rate, Signals Upcoming Hike
The Bank of Russia held its benchmark interest rate at 16% for the fourth consecutive decision in its June 2024 meeting, maintaining the peak rate of the current cycle, and noted that it may deliver a rate hike in its upcoming meeting. The CBR stated that domestic demand continues to outstrip the current capacity levels that the Russian economy can achieve, driving an imbalance between aggregate supply and demand, and lifting inflation risks. Such imbalances are still owed to the fallout from the Russian invasion of Ukraine and the responses of sanctions from Western states, which shut out Russia from key supply chains and triggered a labor crisis, as working-aged men fled the country to escape military mobilization. The greater threat of inflation and the jump in inflation expectations from the population and financial markets drove the central bank to state that tight monetary conditions will be required for a longer time than expected in April.
2024-06-07
Bank of Russia Holds Rate at 16%
The Bank of Russia held its benchmark interest rate at 16% for the third consecutive decision in its April 2024 meeting, maintaining the peak rate of the current cycle, but warned that restrictive monetary policy will be necessary for longer than previously thought to combat inflation. The recovery in domestic demand continued to outstrip the limited capacity of the Russian economy, maintaining upside risks to inflation and warranting an even longer period of peak interest rates. This was also magnified by the ongoing labor supply crisis as a result of the male working-age diaspora to escape military mobilization. Inflation expectations were upwardly revised to 4.3%-4.8% this year before easing to 4% in 2025, while the CBR does not expect the interest rate to drop below 15% this year. Meanwhile, the central bank stated that the Russian economy expanded at a stronger-than-expected level in Q1, driving policymakers to upwardly revise this year’s GDP estimate to a 2.5-3.5% growth rate.
2024-04-26