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Russian Federation Interest Rate
Last Release
Sep 15, 2023
Actual
13
Units In
%
Previous
12
Frequency
Daily
Next Release
Oct 27, 2023
Time to Release
1 Months 8 Days 19 Hours
Highest | Lowest | Average | Date Range | Source |
20 Feb 2022 | 4.25 Jul 2020 | 7.38 % | 2003-2023 | Central Bank of Russia |
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.
Latest Updates
The Bank of Russia raised its key interest rate by 100bps to 13% in its September 2023 meeting, consistent with broad expectations from financial markets, and furthering the extraordinary 350bps rate hike from the middle of August, while stating it will evaluate the feasibility of further rate hikes with incoming economic data. The central bank noted that inflationary pressures in the Russian economy remain high, as growth in domestic demand outpaces low capacity due to the war-driven labor force crisis, in addition to a weakening ruble. Thus, unbalances between aggregate demand and output capacity in the Russian economy warranted higher borrowing costs to prevent unsustainable increases in inflation expectations, which in turn, may also reign in selling pressure for the ruble. Inflation was last recorded at 5.2%, at the CBR expects it to end the year between 6%-7%.
Russian Federation Interest Rate History
Last 12 readings