Russia Interest Rate

Understanding Interest Rate — a simple guide

What it measures

The central bank’s main policy rate — the rate at which it lends to, or pays, commercial banks. It anchors short-term borrowing costs across the economy.

How it is calculated

This is not calculated from a formula — it is decided by the central bank’s monetary policy committee at scheduled meetings. The figure shown is the official policy rate at the end of each month.

Why it matters for the economy and markets

Policy rates influence loan and deposit rates, bond yields, currency values and the discount rate investors apply to future earnings. Changes are among the most closely watched events in financial markets.

How to read it

Look at the direction and pace of changes as well as the level. Comparing the policy rate with inflation gives the “real” rate: a policy rate above inflation is generally considered restrictive, below it accommodative.

What to look at alongside it

Inflation (to calculate the real interest rate), bond yields, currency movements and bank lending growth.

Key terms

Repo rate

The rate at which a central bank lends short-term money to commercial banks (India’s policy rate).

Rate hike / cut

An increase / decrease in the policy rate.

Real interest rate

The policy rate minus inflation.

Basis point (bp)

One hundredth of a percentage point — 25 bp = 0.25%.

Data source

Bank for International Settlements (BIS) (series WS_CBPOL), monthly data from Jan 1992 to Sep 2026. Values are shown exactly as published by the source and may be revised later.

How to use the chart

Use the 5Y / 10Y / 25Y / Max buttons to change the time range, or drag the slider under the chart. Hover (or tap) on the line to see the exact value for any period. Dashed lines and hatched bars are IMF projections, not actual data. The “Download CSV” button gives you the full data series.