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.