Russia policy rate in 2025 (5 changes)

Start of year21.00%

End of year16.00%Dec 31, 2025

Net change-500 bp0 hikes, 5 cuts

Average19.175%

Rank by level2 / 38

Changes in 2025

Date	From	To	Change
Jun 9, 2025	21.00%	20.00%	cut -100 bp
Jul 28, 2025	20.00%	18.00%	cut -200 bp
Sep 15, 2025	18.00%	17.00%	cut -100 bp
Oct 27, 2025	17.00%	16.50%	cut -50 bp
Dec 22, 2025	16.50%	16.00%	cut -50 bp

Compared with other areas at the end of 2025

Türkiye38%

Russia16%

Brazil15%

Colombia9.25%

Iceland7.25%

Mexico7%

South Africa6.75%

Romania6.5%

Hungary6.5%

Serbia5.75%

India5.25%

Indonesia4.75%

Philippines4.5%

Chile4.5%

Saudi Arabia4.25%

Peru4.25%

Israel4.25%

Poland4%

Norway4%

North Macedonia4%

Hong Kong4%

United Kingdom3.75%

United States3.625%

Australia3.6%

Kuwait3.5%

Czechia3.5%

China3%

Malaysia2.75%

South Korea2.5%

New Zealand2.25%

Morocco2.25%

Canada2.25%

Euro area2%

Sweden1.75%

Denmark1.6%

Thailand1.25%

Japan0.75%

Switzerland0%

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%

← 2024 2026 →

2025: hikes and cuts worldwide →

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