The Bank of Russia held its key interest rate unchanged at the record high of 21% in its December meeting, surprising markets that expected a 200bps rate hike to 23%. The decision took place following reports that CBR Governor Nabiullina recently talked with President Putin and Russian business leaders, who have been vocal against high interest rates despite soaring inflation. The central bank cited low credit activity as the warrant for the pause in rate hikes, but reiterated that underlying inflation continued to rise amid higher expectations from households and business, driving the bank’s inflation forecast to rise for 2025 and 2026. The central bank also noted that the significant weakening of the ruble, unbalanced budget spending, and the ongoing labor force crisis contributed to soaring inflation. November data showed that annual headline inflation was at 8.9%, but early forecasts from the CBR have December's print near 9.5%, translating to the highest since February 2023. source: Central Bank of Russia
The benchmark interest rate in Russia was last recorded at 21 percent. Interest Rate in Russia averaged 7.79 percent from 2003 until 2024, reaching an all time high of 21.00 percent in October of 2024 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 January of 2025.
The benchmark interest rate in Russia was last recorded at 21 percent. Interest Rate in Russia is expected to be 22.00 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 15.00 percent in 2025 and 10.00 percent in 2026, according to our econometric models.