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"The rate of 5% or below would indeed be the lowest over this century," said Dmitry Polevoy, chief economist at the Russian Direct Investment Fund. The Bank of Russia cut interest rates by the most in five years and signaled another reduction is likely to help stimulate an economy heading toward a deep recession. In 2021, our panelists project the rate to end the year at 4.34%.
In Russia, interest rate decisions are taken by the Central Bank of the Russian Federation.
"So it could clearly affect both borrowing and savings in the economy," she told AFP, adding she expects a return to a more neutral policy next year. Disinflationary factors have been more profound than expected due to a longer duration of restrictive measures in Russia and across the world.
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It expects Russia’s GDP to decline by 4.5-5.5% in 2020, followed by an expansion of 3.5-4.5% next year. On 24 July 2020, the Bank of Russia Board of Directors decided to cut the key rate by 25 bp to 4.25% per annum. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. Download historical data for 20 million indicators using your browser.Direct access to our calendar releases and historical data. The Russian Ruble is the currency of Russia. By Georgi Kantchev MOSCOW -- Russia's central bank cut its key interest rate to a record low as the coronavirus pandemic has pushed the economy into a deep recession, forcing President Vladimir Putin this week to delay a flagship $360 billion national development plan by six years. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. Russia - Interest Rate Central Bank trims key policy rate to fresh low in July. The bank also said annual inflation will return to 4 percent in 2021.In Russia, interest rate decisions are taken by the Central Bank of the Russian Federation. The Bank of Russia will consider the necessity of further key rate reduction at its upcoming meetings.The Bank of Russia lowered its benchmark one-week repo rate by 50bps to 5.5 percent on April 24th, bringing borrowing costs to its lowest since February of 2014 and in line with market expectations.
The Bank of Russia on Friday cut its key interest rate by 50 basis points to 5.5% and left the door open to further reductions at future monetary policy meetings.
This page provides the latest reported value for Officials also said they will consider the necessity of further key rate reduction at its upcoming meetings.The Bank of Russia lowered its benchmark one-week repo rate by 100bps to 4.5 percent on June 19th, bringing borrowing costs to a record low and in line with market expectations, aiming at limiting this risk and maintaining inflation close to 4%. If the situation develops in line with the baseline forecast, the Bank of Russia holds open the prospect of further key rate reduction at its upcoming meetings.The Central Bank of Russia held its benchmark interest rate at 6 percent during its March meeting, saying the ruble’s depreciation is a temporary pro-inflationary factor that might prompt annual inflation to exceed the target level this year. Russia’s Central Bank has cut interest rates for the sixth time in a row as it continues to respond to slower-than-expected inflation. Some other independent forecasts predict a fall in GDP of up to 8%.Maxim Petrovich, senior economist at Otkritie Bank, said rates could fall to 4% before the end of the year, highlighting how stability on the financial markets and in the value of the ruble have given the Bank’s policymakers more flexibility to move interest rates down to support the economy, rather than fight sharp devaluation and currency volatility as in 2014.The ruble was largely unmoved on the news, trading at 69.5 against the U.S. dollar. It was the fourth rate cut this year, aiming to support the economy hit by the coronavirus pandemic. 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. "With downside risks to inflation outlook, strong ruble and recessionary economic environment there is clearly room to enter this uncharted territory of lower policy rate to fuel the just-started economic recovery," he told AFP. The Bank of Russia cuts the key rate by 25 bp to 4.25% p.a. 2003-2020 Data | 2021-2022 Forecast | Calendar | Historical
A 13% surge in the ruble against the dollar this quarter will also curb price growth, giving more room for easing, Nabiullina said.Nabiullina declined to comment on how low the key rate could go, but said the current easing cycle isn’t necessarily over. Read more about: This page includes a chart with Policymakers believe the recovery will be only gradual and that there is a risk that in 2021 inflation might deviate downwards from the 4 percent target.
The central bank also said that annual inflation will probably reach 3.7-4.2 percent in 2020, 3.5-4.0 percent in 2021 and will stand close to 4 percent later on. According to the Bank of Russia’s forecast annual inflation will reach 3.8-4.8% in 2020 and will stabilise around 4% later on; and GDP is set to decrease by 4-6% in 2020. The currency code for Rubles is RUB, and the currency symbol is ₽.
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