How Much Is Money Worth in EAEU Countries: An Overview of Key Central Bank Interest Rates

The monetary policies of the Eurasian Economic Union member states reflect varying degrees of “cost of money”—ranging from relatively cheap loans in Armenia to tight monetary policy in Kazakhstan. As of March 11, key interest rates set by the central banks of EAEU member states remain widely divergent, according to the Eurasian Economic Commission.

The “cheapest” money remains in Armenia. The central bank is keeping its rate at 6.5%, despite inflation accelerating to 4.3% year-over-year. The regulator is balancing the risks of slowing demand against rising prices, taking into account external factors—from oil price fluctuations to global economic instability. Under these conditions, the rate remains unchanged.

Belarus maintains a more neutral stance. The 9.75% rate indicates cautious inflation control without drastic measures, which is consistent with current macroeconomic stability.

Kazakhstan remains the country with the most expensive money in the union. The base rate of 18% reflects a tough fight against inflation, which, despite slowing to 11.7% in February, remains high. At the same time, price growth momentum persists and public inflation expectations remain elevated, requiring a continuation of restrictive policy. External risks and geopolitical uncertainty create additional pressure.

In Kyrgyzstan, the rate has been raised to 12%. The regulator’s decision is directly linked to persistent inflationary pressures—annual inflation stands at 9.6%, while growth in domestic demand, investment, and lending is creating additional pro-inflationary momentum. At the same time, high dependence on imports increases price sensitivity to external shocks, forcing the National Bank to maintain tight monetary conditions.

Russia, on the other hand, is gradually emerging from a period of extremely tight monetary policy. After peaking, the rate has been lowered to around 15%, amid slowing inflation and cooling economic activity. The regulator is signaling the possibility of further easing, but remains cautious due to external risks and unstable inflation expectations.

Thus, the EAEU’s monetary policy remains heterogeneous and reflects different stages of the economic cycle and the depth of inflationary processes.

It should be noted that key interest rates serve as the primary guide for the economy, as they determine the cost of loans, the return on savings, and the investment attractiveness of countries.