Russia policy rate in 2023 (5 changes)

Start of year7.50%

End of year16.00%Dec 29, 2023

Net change+850 bp5 hikes, 0 cuts

Average9.969%

Rank by level2 / 38

Changes in 2023

Date	From	To	Change
Jul 25, 2023	7.50%	8.50%	hike +100 bp
Aug 15, 2023	8.50%	12.00%	hike +350 bp
Sep 18, 2023	12.00%	13.00%	hike +100 bp
Oct 30, 2023	13.00%	15.00%	hike +200 bp
Dec 18, 2023	15.00%	16.00%	hike +100 bp

Compared with other areas at the end of 2023

Türkiye42.5%

Russia16%

Colombia13%

Brazil11.75%

Mexico11.25%

Hungary10.75%

Iceland9.25%

South Africa8.25%

Chile8.25%

Romania7%

Peru6.75%

Czechia6.75%

Serbia6.5%

Philippines6.5%

India6.5%

North Macedonia6.3%

Saudi Arabia6%

Indonesia6%

Poland5.75%

Hong Kong5.75%

New Zealand5.5%

United States5.375%

United Kingdom5.25%

Canada5%

Israel4.75%

Euro area4.5%

Norway4.5%

Australia4.35%

Kuwait4.25%

Sweden4%

Denmark3.6%

South Korea3.5%

China3.45%

Malaysia3%

Morocco3%

Thailand2.5%

Switzerland1.75%

Japan-0.1%

Year-end rate over time

202614%

202516%

202421%

202316%

20227.5%

20218.5%

20204.25%

20196.25%

20187.75%

20177.75%

201610%

201511%

201417%

20135.5%

20128.25%

20118%

20107.75%

20098.75%

200813%

200710%

200611%

200512%

200413%

200316%

200221%

200125%

200025%

← 2022 2024 →

2023: hikes and cuts worldwide →

Daily policy-rate data compiled by the BIS. Not investment advice.