CBR Key Rate - Russia Russian Central Bank interest rate

This page shows the current and historic values of the Russian Key Rate as set by the Russian Central Bank (Central Bank of the Russian Federation, CBR). The Key Rate is often regarded as the most important interest rate of the CBR.

The current interest rates of more central banks

Current CBR Key rate
Date
Rate
09-18-2023
13.00 %
08-15-2023
12.00 %
07-21-2023
8.50 %
09-16-2022
7.50 %
07-22-2022
8.00 %
06-10-2022
9.50 %
05-26-2022
11.00 %
04-29-2022
14.00 %
04-08-2022
17.00 %
02-28-2022
20.00 %

Chart CBR Key rate

Historical interest rates

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Bank of Russia (CBR)

The Bank of Russia or the Central Bank of the Russian Federation (CBR) is the Russian central bank. The bank is independent of federal and local government and is the institution which issues the Russian currency - the rouble - in Russia and is responsible for the stability and circulation of the currency. The central bank is also responsible for defining and implementing national monetary policy. This happens in collaboration with the Russian government. The key rate is an important tool to influence interbank interest rates and with that the level of inflation.

Check the current and historical inflation in Russia

Another important task is to supervise Russian financial instructions and issue or retract banking licences. The CBR is also responsible for the rules and guidelines in the area of banking. If Russian financial institutions do not have sufficient funds in times of crisis, the central bank will provide loans. The bank also controls the foreign currency reserves and is responsible for rules on the trade in foreign currencies. Finally the Central Bank of the Russian Federation is also the institution which provides analyses, reports and forecasts relating to the Russian economy.

CBR Key Rate

When reference is made to the Russian interest rate this often refers to the CBR Key Rate. The CBR sets the level of this short-term interest rate. This base rate is a monetary tool used by the Russian central bank which can influence the interbank interest rates and the interest rates for loans, mortgages and savings. By changing the Key Rate, the Russian central bank can also influence the exchange rate of the Russian currency, the Russian Ruble.