From 01/01/2016, the value of the refinancing rate of the Central Bank of the Russian Federation is equal to the value of the key rate of the Bank of Russia on the corresponding date. Since 01/01/2016, an independent value of the refinancing rate is not established and is not shown on the Bank of Russia website.Refinancing rate / Key rate / of the Bank of Russia for today, i.e. from December 17, 2018, is 7.75%. The next Board of Directors of the Bank of Russia, held on April 26, 2019, decided to maintain the key rate at 7.75% per annum. This rate (7.75%) will be valid until June 14, 2019.
And since after December 31, 2015, the refinancing rate corresponds to the key rate and is not set separately by the Bank of Russia, then starting from December 17, 2018, the refinancing rate is also 7.75%.
The Bank of Russia notes that in March annual inflation passed a local peak and began to slow down in April. At the same time, the current growth rate of consumer prices is slightly lower than the forecast of the Bank of Russia. In April, households' inflation expectations increased slightly after their noticeable decrease in March. Price expectations of enterprises continued to decline, but remain at an elevated level. Short-term pro-inflationary risks have decreased. The decisions of the Bank of Russia to increase the key rate in September and December 2018 were sufficient to limit the effects of one-time pro-inflationary factors. According to the Bank of Russia forecast, annual inflation will return to 4% in the first half of 2020.
The previous key rate of the Bank of Russia was in effect from September 17, 2018 to December 16, 2018 and was 7.50%, i.e. its validity period was three months.
The previous unofficial refinancing rate was also in effect from September 17, 2018 to December 16, 2018 and corresponded to the key rate for this period (7.50% per annum).
Last officially established The Bank of Russia refinancing rate was in effect from September 14, 2012 to December 31, 2015 and amounted to 8.25% per annum.
The transition to the key rate was made by the Board of Directors of the Bank of Russia, which is set out in the Directive of the Bank of Russia dated December 11, 2015 No. 3894-U “On the refinancing rate of the Bank of Russia and the key rate of the Bank of Russia”).
A from January 1, 2016, even the reference announcement of the refinancing rate by the Bank of Russia is no longer carried out.
Refinancing rate of the Central Bank of the Russian Federation for April-June 2019
On April 26, 2019, the Board of Directors of the Bank of Russia decided to maintain the key rate at 7.75% per annum. The refinancing rate (unofficial) was also kept at 7.75% per annum.When deciding to maintain the key rate/refinancing rate at 7.75%, the Board of Directors of the Bank of Russia proceeded from the following:
Inflation dynamics. Annual inflation passed a local peak in March. The annual growth rate of consumer prices in March increased to 5.3% (from 5.2% in February 2019). In April, annual inflation began to slow down and, according to estimates as of April 22, fell to 5.1%. At the same time, the current growth rate of consumer prices is slightly lower than the forecast of the Bank of Russia. The transfer of the VAT increase to prices is largely complete.The proactive decisions of the Bank of Russia to increase the key rate in September and December 2018 contributed to the return of the monthly growth rate of consumer prices to levels close to 4% in annual terms. The dynamics of consumer demand have a restraining effect on inflation. In addition, temporary disinflationary factors also contributed to the slowdown in consumer price growth, including the strengthening of the ruble since the beginning of this year, a decrease in prices for main types of motor fuel and certain food products in March-April compared to February.
In April, households' inflation expectations increased slightly after their noticeable decline in March. Price expectations of enterprises continued to decline, but remain at an elevated level.
According to the Bank of Russia forecast, annual inflation will return to 4% in the first half of 2020.
Monetary conditions. Since the previous meeting of the Board of Directors of the Bank of Russia, monetary conditions have not changed significantly. OFZ yields and deposit-credit rates remained close to the levels of the end of March. At the same time, the decline in OFZ yields that has occurred since the beginning of this year creates conditions for a reduction in deposit and lending rates in the future.
Economic activity. Rosstat's revision of data on GDP dynamics in 2014–2018 does not change the Bank of Russia's view of the current state of the economy - it is close to potential. The dynamics of consumer demand and the situation on the labor market do not create excessive inflationary pressure. In the first quarter, the annual growth rate of industrial production was moderate and slightly lower than in the fourth quarter of last year. Investment activity remains subdued. The annual growth rate of retail trade turnover decreased in the first quarter due to a VAT increase and slower wage growth.
The Bank of Russia expects GDP growth of 1.2–1.7% for 2019. The VAT increase had a slight dampening effect on business activity. Additional budget funds received in 2019 will be used to increase government spending, including investment ones. In subsequent years, it is possible that the rate of economic growth will increase as national projects are implemented.
Inflation risks. Short-term pro-inflationary risks have decreased. In terms of internal conditions, the risks of secondary effects from the VAT increase are assessed as insignificant; the risks of accelerated price increases for certain food products have decreased.
At the same time, elevated and unanchored inflation expectations, as well as external factors, remain significant risks. In particular, risks of a slowdown in global economic growth remain. Geopolitical factors may lead to increased volatility in global commodity and financial markets and affect exchange rate and inflation expectations. Supply side factors in the oil market may increase the volatility of global oil prices. At the same time, the revision of interest rate trajectories by the US Federal Reserve and central banks of other countries with developed markets in the first quarter limits the risks of sustainable capital outflow from countries with emerging markets.
The Bank of Russia's assessment of risks associated with wage dynamics, possible changes in consumer behavior and budget expenditures has not changed significantly. These risks remain moderate.
The Bank of Russia will make decisions on the key rate taking into account the dynamics of inflation and the economy relative to the forecast, as well as assessing risks from external conditions and the reaction of financial markets to them. If the situation develops in accordance with the baseline forecast, the Bank of Russia allows a transition to lowering the key rate in 2019.
The next meeting of the Board of Directors of the Bank of Russia, at which the issue of the level of the key rate will be considered, is scheduled for June 14, 2019. Time of publication of a press release on the decision of the Board of Directors of the Bank of Russia - 13:30 Moscow time.
Dynamics of the Bank of Russia refinancing rate from 1992 to 2015. And further...
The material analyzes the dynamics of the refinancing rate over the past 20 years - starting from January 1, 1992. The highest refinancing rate, which was set by the Central Bank of the Russian Federation in the period from October 15, 1993 to April 28, 1994, was 210%. Over the course of 10 years, the rate of change in the Central Bank's refinancing rate slowed down, that is, the refinancing rate became more stable. In the period from 1993 to 2000, the refinancing rate changed mainly during the year from 5 to 9 times. In the period from 2002 to 2007, the refinancing rate stabilized and changed during the year from 1 to 3 times, and only downward.
During 2008, the refinancing rate of the Central Bank of the Russian Federation constantly grew, and especially often after the start of the global financial crisis. In 2008, the refinancing rate changed 6 times, and this despite the fact that almost all central banks of the leading countries in the world revised rates downward. But despite the difficult financial period, Russia ended 2008 with a refinancing rate of 13.00%. (Instruction of the Central Bank of the Russian Federation dated November 28, 2008 No. 2135-U “On the amount of the refinancing rate of the Bank of Russia”) and an inflation rate of 13.3%, i.e. The Central Bank of the Russian Federation kept the situation under control.
The refinancing rate of the Central Bank of the Russian Federation changed 10 times during 2009, all downward. Russia ended 2009 with a Central Bank refinancing rate of 8.75% and inflation of 8.8% (Rosstat data), and these were the lowest figures since 1991, that is, in the entire history of post-Soviet Russia. The low refinancing rate set by the regulator was aimed at stimulating the lending activity of banks, as well as curbing inflationary processes.
In 2010, the Central Bank's refinancing rate changed only 4 times, and only downwards. In 2010, the lowest refinancing rate in the entire existence of the Russian Federation was also recorded at 7.75%, which was in effect from June 1, 2010 to February 27, 2011. Russia ended 2010 with a Central Bank refinancing rate of 7.75% and inflation of 8.8%.
Russia ended 2011 with a refinancing rate of 8.00%. This was the fourth value of the Bank of Russia refinancing rate for the year. During the year, the rate was revised three times. Inflation in the Russian Federation in 2011 was 6.1%, which is a historical minimum for the country.
2012 ended with a refinancing rate of 8.25% and inflation of 6.6%. During 2012, the refinancing rate was changed by the Bank of Russia only once - from September 14, upward by 0.25 points. During the previous eight months of 2012, the refinancing rate was 8.00%.
2013 in Russia ended with a refinancing rate of 8.25%, a key rate of 5.5%, and inflation of 6.5%. Throughout 2013, the Bank of Russia refinancing rate remained unchanged and amounted to 8.25%. And from September 13 of this year, the refinancing rate began to play a secondary role and is provided by the Bank of Russia for reference. According to the Bank of Russia project, by 2016 the refinancing rate will have to be equal in value to the key rate.
2014 ended with a refinancing rate of 8.25%, a key rate of 17% and inflation of 11.4%. During 2014, the policy of the Central Bank of the Russian Federation should have continued to adjust it to the level of the key rate. In fact, from January to December 2014, the refinancing rate did not change, and due to the sharp increase in the key rate at the end of the year, its change still looks unrealistic.
Throughout 2015, the refinancing rate did not change and the year ended with a refinancing rate of 8.25% and a key rate of 11.0%.
At the beginning of 2016, the refinancing rate was 11.00%, the same as the key rate, and subsequently the change in the refinancing rate occurred simultaneously with the change in the key rate of the Bank of Russia and by the same amount. From January 1, 2016, an independent value of the refinancing rate is not established and the dynamics are not recorded. The key rate changed twice during 2016 (to 10.5% and to 10.0%). At the end of 2016, the key rate was kept at 10.00%.
The key rate/refinancing rate for 2017 changed 6 times and all downward - from 10.11% to 7.75% (At the beginning of the year it was 10.0%, from March 27, 2017 it decreased to 9.75% , from 05/02/2017 decreased to 9.25%, from 06/19/2017 - 9.00%, from 09/18/2017 to 8.50%, from 10/30/2017 to 8.25%, and from 12/18. 2017 to 7.75%).
At the beginning of 2018, the Bank of Russia maintained the key rate at 7.75% per annum, from 02/12/2018 it was reduced to 7.50%, from 03/26/2018 it was reduced to 7.25%, and from 09/17/2018 it was increased to 7. 50% due to changes in external conditions. On December 17, 2018, the last rate change of that year was made to 7.75%, this is the 5th key rate /refinancing rate/ established during 2018.
For January - June 2019, the key rate of the Bank of Russia was 7.75% per annum.
Below are all the refinancing rates of the Central Bank of the Russian Federation, starting from 1992 and up to the day of the abolition of its independent official establishment and key rates for the last three years.
| Period of validity of the refinancing rate | Refinancing rate (%) | Regulatory document |
|---|---|---|
| 01/01/2016* | From this date, the value of the refinancing rate corresponds to the value of the key rate of the Bank of Russia - on the corresponding installation date | Directive of the Bank of Russia dated December 11, 2015 No. 3894-U “On the refinancing rate of the Bank of Russia and the key rate of the Bank of Russia” |
| September 14, 2012 - December 31, 2015 | 8,25 | Directive of the Bank of Russia dated September 13, 2012 No. 2873-U |
| December 26, 2011 - September 13, 2012 | 8,00 | Directive of the Bank of Russia dated December 23, 2011 No. 2758-U |
| May 3, 2011 - December 25, 2011 | 8,25 | Directive of the Bank of Russia dated April 29, 2011 No. 2618-U |
| February 28, 2011 - May 2, 2011 | 8,00 | Directive of the Bank of Russia dated February 25, 2011 No. 2583-U |
| June 01, 2010 - February 27, 2011 | 7,75 | Directive of the Bank of Russia dated May 31, 2010 No. 2450-U |
| April 30, 2010 - May 31, 2010 | 8,00 | Directive of the Bank of Russia dated April 29, 2010 No. 2439-U |
| March 29, 2010 - April 29, 2010 | 8,25 | Directive of the Bank of Russia dated March 26, 2010 No. 2415-U |
| February 24, 2010 – March 28, 2010 | 8,50 | Directive of the Bank of Russia dated February 19, 2010 No. 2399-U |
| December 28, 2009 – February 23, 2010 | 8,75 | Directive of the Bank of Russia dated December 25, 2009 No. 2369-U |
| November 25 - December 27, 2009 | 9,0 | Directive of the Bank of Russia dated November 24, 2009 No. 2336-U |
| October 30, 2009 - November 24, 2009 | 9,50 | Directive of the Bank of Russia dated October 29, 2009 No. 2313-U |
| September 30, 2009 – October 29, 2009 | 10,00 | Directive of the Bank of Russia dated September 29, 2009 No. 2299-U |
| September 15, 2009 – September 29, 2009 | 10,50 | Directive of the Bank of Russia dated September 14, 2009 No. 2287-U |
| August 10, 2009 – September 14, 2009 | 10,75 | Directive of the Central Bank of the Russian Federation dated August 7, 2009 No. 2270-U |
| July 13, 2009 – August 9, 2009 | 11,0 | Directive of the Central Bank of the Russian Federation dated July 10, 2009 No. 2259-U |
| June 5, 2009 – July 12, 2009 | 11,5 | Directive of the Central Bank of the Russian Federation dated June 4, 2009 No. 2247-U |
| May 14, 2009 – June 4, 2009 | 12,0 | Directive of the Central Bank of the Russian Federation dated May 13, 2009 No. 2230-U |
| April 24, 2009 - May 13, 2009 | 12,5 | Directive of the Central Bank of the Russian Federation dated April 23, 2009 No. 2222-U |
| December 1, 2008 – April 23, 2009 | 13,00 | Directive of the Central Bank of the Russian Federation dated November 28, 2008 No. 2135-U |
| November 12, 2008 – November 30, 2008 | 12,00 | Directive of the Central Bank of the Russian Federation dated November 11, 2008 No. 2123-U |
| July 14, 2008 - November 11, 2008 | 11,00 | Directive of the Central Bank of the Russian Federation dated July 11, 2008 No. 2037-U |
| June 10, 2008 – July 13, 2008 | 10,75 | Directive of the Central Bank of the Russian Federation dated 06/09/2008 No. 2022-U |
| April 29, 2008 – June 9, 2008 | 10,5 | Directive of the Central Bank of the Russian Federation dated April 28, 2008 No. 1997-U |
| February 4, 2008 – April 28, 2008 | 10,25 | Directive of the Central Bank of the Russian Federation dated February 1, 2008 No. 1975-U |
| June 19, 2007 – February 3, 2008 | 10,0 | Telegram of the Central Bank of the Russian Federation dated June 18, 2007 No. 1839-U |
| January 29, 2007 – June 18, 2007 | 10,5 | Telegram of the Central Bank of the Russian Federation dated January 26, 2007 No. 1788-U |
| October 23, 2006 – January 22, 2007 | 11 | Telegram of the Central Bank of the Russian Federation dated October 20, 2006 No. 1734-U |
| June 26, 2006 – October 22, 2006 | 11,5 | Telegram of the Central Bank of the Russian Federation dated June 23, 2006 No. 1696-U |
| December 26, 2005 – June 25, 2006 | 12 | Telegram of the Central Bank of the Russian Federation dated December 23, 2005 No. 1643-U |
| June 15, 2004 – December 25, 2005 | 13 | Telegram of the Central Bank of the Russian Federation dated June 11, 2004 No. 1443-U |
| January 15, 2004 – June 14, 2004 | 14 | Telegram of the Central Bank of the Russian Federation dated January 14, 2004 No. 1372-U |
| June 21, 2003 – January 14, 2004 | 16 | Telegram of the Central Bank of the Russian Federation dated June 20, 2003 No. 1296-U |
| February 17, 2003 – June 20, 2003 | 18 | Telegram of the Central Bank of the Russian Federation dated February 14, 2003 No. 1250-U |
| August 7, 2002 – February 16, 2003 | 21 | Telegram of the Central Bank of the Russian Federation dated 06.08.2002 No. 1185-U |
| April 9, 2002 – August 6, 2002 | 23 | Telegram of the Central Bank of the Russian Federation dated April 8, 2002 No. 1133-U |
| November 4, 2000 – April 8, 2002 | 25 | Telegram of the Central Bank of the Russian Federation dated November 3, 2000 No. 855-U |
| July 10, 2000 – November 3, 2000 | 28 | Telegram of the Central Bank of the Russian Federation dated July 7, 2000 No. 818-U |
| March 21, 2000 – July 9, 2000 | 33 | Telegram of the Central Bank of the Russian Federation dated March 20, 2000 No. 757-U |
| March 7, 2000 – March 20, 2000 | 38 | Telegram of the Central Bank of the Russian Federation dated March 6, 2000 No. 753-U |
| January 24, 2000 – March 6, 2000 | 45 | Telegram of the Central Bank of the Russian Federation dated January 21, 2000 No. 734-U |
| June 10, 1999 – January 23, 2000 | 55 | Telegram of the Central Bank of the Russian Federation dated 06/09/99 No. 574-U |
| July 24, 1998 – June 9, 1999 | 60 | Telegram of the Central Bank of the Russian Federation dated July 24, 1998 No. 298-U |
| June 29, 1998 – July 23, 1998 | 80 | Telegram of the Central Bank of the Russian Federation dated June 26, 1998 No. 268-U |
| June 5, 1998 – June 28, 1998 | 60 | Telegram of the Central Bank of the Russian Federation dated 06/04/98 No. 252-U |
| May 27, 1998 – June 4, 1998 | 150 | Telegram of the Central Bank of the Russian Federation dated May 27, 1998 No. 241-U |
| May 19, 1998 – May 26, 1998 | 50 | Telegram of the Central Bank of the Russian Federation dated May 18, 1998 No. 234-U |
| March 16, 1998 – May 18, 1998 | 30 | Telegram of the Central Bank of the Russian Federation dated March 13, 1998 No. 185-U |
| March 2, 1998 – March 15, 1998 | 36 | Telegram of the Central Bank of the Russian Federation dated February 27, 1998 No. 181-U |
| February 17, 1998 – March 1, 1998 | 39 | Telegram of the Central Bank of the Russian Federation dated February 16, 1998 No. 170-U |
| February 2, 1998 – February 16, 1998 | 42 | Telegram of the Central Bank of the Russian Federation dated January 30, 1998 No. 154-U |
| November 11, 1997 – February 1, 1998 | 28 | Telegram of the Central Bank of the Russian Federation dated November 10, 1997 No. 13-U |
| October 6, 1997 – November 10, 1997 | 21 | Telegram of the Central Bank of the Russian Federation dated 01.10.97 No. 83-97 |
| June 16, 1997 – October 5, 1997 | 24 | Telegram of the Central Bank of the Russian Federation dated June 13, 1997 No. 55-97 |
| April 28, 1997 – June 15, 1997 | 36 | Telegram of the Central Bank of the Russian Federation dated April 24, 1997 No. 38-97 |
| February 10, 1997 – April 27, 1997 | 42 | Telegram of the Central Bank of the Russian Federation dated 02/07/97 No. 9-97 |
| December 2, 1996 – February 9, 1997 | 48 | Telegram of the Central Bank of the Russian Federation dated November 29, 1996 No. 142-96 |
| October 21, 1996 – December 1, 1996 | 60 | Telegram of the Central Bank of the Russian Federation dated October 18, 1996 No. 129-96 |
| August 19, 1996 – October 20, 1996 | 80 | Telegram of the Central Bank of the Russian Federation dated August 16, 1996 No. 109-96 |
| July 24, 1996 – August 18, 1996 | 110 | Telegram of the Central Bank of the Russian Federation dated July 23, 1996 No. 107-96 |
| February 10, 1996 – July 23, 1996 | 120 | Telegram of the Central Bank of the Russian Federation dated 02/09/96 No. 18-96 |
| December 1, 1995 – February 9, 1996 | 160 | Telegram of the Central Bank of the Russian Federation dated November 29, 1995 No. 131-95 |
| October 24, 1995 – November 30, 1995 | 170 | Telegram of the Central Bank of the Russian Federation dated October 23, 1995 No. 111-95 |
| June 19, 1995 – October 23, 1995 | 180 | Telegram of the Central Bank of the Russian Federation dated June 16, 1995 No. 75-95 |
| May 16, 1995 – June 18, 1995 | 195 | Telegram of the Central Bank of the Russian Federation dated May 15, 1995 No. 64-95 |
| January 6, 1995 – May 15, 1995 | 200 | Telegram of the Central Bank of the Russian Federation dated 01/05/95 No. 3-95 |
| November 17, 1994 – January 5, 1995 | 180 | Telegram of the Central Bank of the Russian Federation dated November 16, 1994 No. 199-94 |
| October 12, 1994 – November 16, 1994 | 170 | Telegram of the Central Bank of the Russian Federation dated October 11, 1994 No. 192-94 |
| August 23, 1994 – October 11, 1994 | 130 | Telegram of the Central Bank of the Russian Federation dated August 22, 1994 No. 165-94 |
| August 1, 1994 – August 22, 1994 | 150 | Telegram of the Central Bank of the Russian Federation dated July 29, 1994 No. 156-94 |
| June 30, 1994 – July 31, 1994 | 155 | Telegram of the Central Bank of the Russian Federation dated June 29, 1994 No. 144-94 |
| June 22, 1994 – June 29, 1994 | 170 | Telegram of the Central Bank of the Russian Federation dated June 21, 1994 No. 137-94 |
| June 2, 1994 – June 21, 1994 | 185 | Telegram of the Central Bank of the Russian Federation dated 01.06.94 No. 128-94 |
| May 17, 1994 – June 1, 1994 | 200 | Telegram of the Central Bank of the Russian Federation dated May 16, 1994 No. 121-94 |
| April 29, 1994 – May 16, 1994 | 205 | Telegram of the Central Bank of the Russian Federation dated April 28, 1994 No. 115-94 |
| October 15, 1993 – April 28, 1994 | 210 | Telegram of the Central Bank of the Russian Federation dated October 14, 1993 No. 213-93 |
| September 23, 1993 – October 14, 1993 | 180 | Telegram of the Central Bank of the Russian Federation dated September 22, 1993 No. 200-93 |
| July 15, 1993 – September 22, 1993 | 170 | Telegram of the Central Bank of the Russian Federation dated July 14, 1993 No. 123-93 |
| June 29, 1993 – July 14, 1993 | 140 | Telegram of the Central Bank of the Russian Federation dated June 28, 1993 No. 111-93 |
| June 22, 1993 – June 28, 1993 | 120 | Telegram of the Central Bank of the Russian Federation dated June 21, 1993 No. 106-93 |
| June 2, 1993 – June 21, 1993 | 110 | Telegram of the Central Bank of the Russian Federation dated 01.06.93 No. 91-93 |
| March 30, 1993 – June 1, 1993 | 100 | Telegram of the Central Bank of the Russian Federation dated March 29, 1993 No. 52-93 |
| May 23, 1992 – March 29, 1993 | 80 | Telegram of the Central Bank of the Russian Federation dated May 22, 1992 No. 01-156 |
| April 10, 1992 – May 22, 1992 | 50 | Telegram of the Central Bank of the Russian Federation dated April 10, 1992 No. 84-92 |
| January 1, 1992 – April 9, 1992 | 20 | Telegram of the Central Bank of the Russian Federation dated December 29, 1991 No. 216-91 |
*The value of the Bank of Russia refinancing rate from January 1, 2016 is equal to the value of the Bank of Russia key rate on the corresponding date. From 01/01/2016, an independent value of the refinancing rate is not established.
Dynamics of the Bank of Russia Key Rate for the period 2017 - 2019 looks like this:
The dynamics of the key rate since its introduction (from September 13, 2013) and the history of its introduction can be viewed
The key rate/refinancing rate/ for today (from December 17, 2018 to June 14, 2019) is 7.75%.
Decisions made by the Bank of Russia on the refinancing rate
The Board of Directors of the Bank of Russia made the decision to improve the system of monetary policy instruments on September 13, 2013. Based on this decision, the key rate began to play the main role in the bank’s policy, and the refinancing rate plays a secondary role and is given for reference. In addition, the Board of Directors of the Central Bank decided that in the period from September 13, 2013 to January 1, 2016, the refinancing rate will be adjusted to the level of the key rate.
Since 01/01/2016, the refinancing rate on the website of the Central Russia of the Russian Federation is no longer given for reference, since it now corresponds to the key rate.
The decision to adjust the refinancing rate was made on December 11, 2015 The Bank of Russia together with the Government, which provides for the following:
- from January 1, 2016, by decision of the Board of Directors of the Bank of Russia dated December 11, 2015, the value of the refinancing rate is equal to the value of the Bank of Russia key rate determined on the corresponding date and further its independent value is not established. In the future, changes in the refinancing rate will occur simultaneously with changes in the key rate of the Bank of Russia by the same amount.
- from January 1, 2016, the Government of the Russian Federation will also use the key rate of the Bank of Russia in all regulations instead of the refinancing rate (the order was signed by the Prime Minister of Russia D. Medvedev).
Since the beginning of 2016, the refinancing rate has been set at 11%. Over the previous 12 months the figure was 8.25%. The value did not change from September 2012 until December 31, 2015. The decision to increase the indicator was made on December 11, 2015 at the Board of Directors of the Bank of Russia. The goal was achieved by equating the refinancing rate to the key rate of the Central Bank of the Russian Federation.
Calculation of penalties at the refinancing rate 2015
In accordance with the law, the penalty is calculated in case of failure to fulfill a financial obligation. This is done provided that the contract contains no language regarding the payment of penalties.
According to the law, even if the contract does not provide for penalties, they must still be paid in accordance with the established algorithm.
For each day of delay, a certain percentage of the amount is charged, which is equal to a small fraction of the refinancing rate. The calculation formula looks like this: Penalty = Amount of debt * refinancing rate * number of days of delay / 360.
Refinancing rate in 2014
Throughout 2014, the refinancing rate remained at 8.25%, the key rate of the Central Bank of the Russian Federation was fixed at 17%, and the inflation rate for this period was 11.4%. Throughout 2014, there were constant discussions about adjusting the refinancing rate in accordance with the level of the key rate, but in fact the value of the indicator did not change from January to December. The end of the year was marked by a sharp increase in the key rate, against the background of which the leadership of the Central Bank of the Russian Federation decided to leave the refinancing rate unchanged.
Refinancing rate 2015
Throughout 2015, the financial regulator reduced the refinancing rate several times. On February 2, the figure changed from 17% to 15%; on March 16, another change was recorded from 15% to 14%; on May 5, a decrease followed from 14% to 12.5%. The next decrease was recorded on June 16, 2015 to the level of 11.5%.
The board of directors of the regulator explained the decrease in the refinancing rate by a noticeable slowdown in the rate of economic development within the country and a weakening of the inflation risk factor. In the future, the Central Bank of the Russian Federation also intends to adhere to the policy of reducing the refinancing rate while recording a slowdown in the growth of consumer prices.
Advice from Sravni.ru: There is an opinion that the main reason for reducing the key rate is not related to inflation expectations, but is dictated solely by the desire to depreciate the ruble in order to compensate for the loss of profit to oil and gas market players. At the same time, in order to suppress speculation on the part of commercial banks and again to reduce the ruble exchange rate, the regulator is increasing foreign exchange repo rates.
Central Bank of the Russian Federation (Bank of Russia)
Press service
107016, Moscow, st. Neglinnaya, 12
Information
The Bank of Russia decided to maintain the key rate at 7.75% per annum
On April 26, 2019, the Board of Directors of the Bank of Russia decided to maintainkey rate at the level of 7.75% per annum. In March, annual inflation passed a local peak and began to slow down in April. At the same time, the current growth rate of consumer prices is slightly lower than the forecast of the Bank of Russia. In April, households' inflation expectations increased slightly after their noticeable decrease in March. Price expectations of enterprises continued to decline, but remain at an elevated level. Short-term pro-inflationary risks have decreased. The decisions of the Bank of Russia to increase the key rate in September and December 2018 were sufficient to limit the effects of one-time pro-inflationary factors. According to the Bank of Russia forecast, annual inflation will return to 4% in the first half of 2020.
– III quarters of 2019.
Inflation dynamics. Annual inflation passed a local peak in March. The annual growth rate of consumer prices in March increased to 5.3% (from 5.2% in February 2019). In April, annual inflation began to slow down and, according to estimates as of April 22, fell to 5.1%. At the same time, the current growth rate of consumer prices is slightly lower than the forecast of the Bank of Russia. The transfer of the VAT increase to prices is largely complete.
The proactive decisions of the Bank of Russia to increase the key rate in September and December 2018 contributed to the return of the monthly growth rate of consumer prices to levels close to 4% in annual terms. The dynamics of consumer demand have a restraining effect on inflation. In addition, temporary disinflationary factors also contributed to the slowdown in consumer price growth, including the strengthening of the ruble since the beginning of this year, lower prices for main types of motor fuel and certain food products in March - April relative to February.
In April, households' inflation expectations increased slightly after their noticeable decline in March. Price expectations of enterprises continued to decline, but remain at an elevated level.
According to the Bank of Russia forecast, annual inflation will return to 4% in the first half of 2020.
Monetary conditions. Since the previous meeting of the Board of Directors of the Bank of Russia, monetary conditions have not changed significantly. OFZ yields and deposit-credit rates remained close to the levels of the end of March. At the same time, the decline in OFZ yields that has occurred since the beginning of this year creates conditions for a reduction in deposit and lending rates in the future.
Economic activity. Revision by Rosstat of data on GDP dynamics in 2014 – 2018 does not change the Bank of Russia’s view of the current state of the economy - it is close to potential. The dynamics of consumer demand and the situation on the labor market do not create excessive inflationary pressure. In the first quarter, the annual growth rate of industrial production was moderate and slightly lower than in the fourth quarter of last year. Investment activity remains subdued. The annual growth rate of retail trade turnover decreased in the first quarter due to a VAT increase and slower wage growth.
The Bank of Russia expects GDP growth of 1.2–1.7% for 2019. The VAT increase had a slight dampening effect on business activity. Additional budget funds received in 2019 will be used to increase government spending, including investment ones. In subsequent years, it is possible that the rate of economic growth will increase as national projects are implemented.
Inflation risks. Short-term pro-inflationary risks have decreased. In terms of internal conditions, the risks of secondary effects from the VAT increase are assessed as insignificant; the risks of accelerated price increases for certain food products have decreased.
At the same time, elevated and unanchored inflation expectations, as well as external factors, remain significant risks. In particular, risks of a slowdown in global economic growth remain. Geopolitical factors may lead to increased volatility in global commodity and financial markets and affect exchange rate and inflation expectations. Supply side factors in the oil market may increase the volatility of global oil prices. At the same time, the revision of interest rate trajectories by the US Federal Reserve and central banks of other countries with developed markets in the first quarter limits the risks of sustainable capital outflow from countries with emerging markets.
The Bank of Russia's assessment of risks associated with wage dynamics, possible changes in consumer behavior and budget expenditures has not changed significantly. These risks remain moderate.
The Bank of Russia will make decisions on the key rate taking into account the dynamics of inflation and the economy relative to the forecast, as well as assessing risks from external conditions and the reaction of financial markets to them. If the situation develops in accordance with the baseline forecast, the Bank of Russia allows for the possibility of reducing the key rate in II – III quarters of 2019.
The next meeting of the Board of Directors of the Bank of Russia, at which the issue of the level of the key rate will be considered, is scheduled for June 14, 2019. The time for publishing a press release on the decision of the Board of Directors of the Bank of Russia and the medium-term forecast is 13:30 Moscow time.
The refinancing rate of the Central Bank of the Russian Federation today is 7.75% (the same as the key rate)
This is the annual percentage at which another credit institution can receive a loan from the Central Bank of the Russian Federation. In a number of foreign countries, the term “discount rate” may be used. The rate conventionally reflects the current cost of money for the economy. On September 13, 2013, a separate one was introduced, which made the refinancing rate a secondary instrument. From January 1, 2016, the refinancing rate is equal to the key rate.
How is it calculated? Its final value is influenced by many factors: the state of the economy, inflation in the country, the level of consumer prices, the situation in the banking market, and sometimes foreign policy.
Why is it needed and what does it affect?
- Limitation of maximum rates on deposits. According to clause 7 of Article 74 of the law on the central bank, the Bank of Russia has the right to introduce a limit on the maximum interest rate on a deposit. Such a restriction cannot be:
- below 2/3 of the rate on deposits in rubles;
- lower than the LIBOR rate on deposits in foreign currency.
Thus, the lower limit of the deposit rate is 5.5% (at a rate of 8.25). The upper limit is determined based on the average maximum rate on deposits of TOP-10 banks (determined 3 times a month). - Commercial bank loan rates. Obtaining loans from the Central Bank is also one of the sources of funds for commercial banks. Consequently, the cost of these funds will also affect the final cost of the loan. Those. the lower the rate, the cheaper loans can be to end borrowers. At the same time, on the other hand, deposit rates in this situation will decrease. Of course, there is no direct relationship here, but the impact of the refinancing rate of the central bank of the Russian Federation is quite noticeable.
- Personal income tax on deposits. Income received that exceeds the official rate by 5% is taxed. The refinancing rate today is 8.25%, therefore the tax-free interest on the deposit is up to 13.25 inclusive. If you receive income at a higher rate, then you will have to pay 35% personal income tax on the difference (Article 214.2, 224 of the Tax Code of the Russian Federation).
Example: you opened a deposit at 15% per annum for a period of 1 year in the amount of 500,000 rubles. The tax in this case can be calculated as follows:
Taxable base = (15%*500000) - (13.25%*500000) = 75,000 - 66250 = 8750
The amount of tax payable is 35*8750 = 3062.50 rubles.
For individuals, the tax payment agent is a credit institution, so tax will be automatically withheld from you to be transferred to the budget. Thus, at the end of the deposit agreement, you will receive 71,937.50 rubles. - Violation of deadlines for payment of various taxes and fees. Regulated by clause 4 of article 75 of the Tax Code of the Russian Federation. Penalties are calculated at 1/300 of the current interest rate. To calculate various penalties, we recommend using ours; it already contains all the necessary calculation options.
- Interest on the use of other people's money, as well as material benefits from saving on it. According to Art. 212 of the Tax Code of the Russian Federation - calculated based on 2/3 of the current rate.
- Loan agreement without specifying interest. According to paragraph 1 of Art. 809 of the Civil Code of the Russian Federation, interest is calculated as a single refinancing rate of the Bank of Russia.
- Financial liability for delays in wages and other payments. According to Art. 236 of the Labor Code of the Russian Federation, in such cases, the employee for the delay must be accrued interest based on 1/300 of the rate.
| Periods | % |
Refinancing rate 2019 |
|
| current refinancing rate of the Central Bank of the Russian Federation | equal to the Bank of Russia key rate |
2018-2019 |
|
| December 17, 2018 – to date | 7,75 |
| September 17, 2018 – December 16, 2018 | 7,5 |
| March 26, 2018 – September 16, 2018 | 7,25 |
| February 12, 2018 – March 25, 2018 | 7,5 |
| December 18, 2017 – February 11, 2018 | 7,75 |
2017 |
|
| October 30, 2017 – December 17, 2017 | 8,25 |
| September 18, 2017 – October 29, 2017 | 8,5 |
| June 19, 2017 – September 17, 2017 | 9 |
| May 2, 2017 – June 18, 2017 | 9,25 |
| March 27, 2017 – May 1, 2017 | 9,75 |
| September 19, 2016 – March 26, 2017 | 10 |
2016 |
|
| June 14, 2016 - September 18, 2016 | 10,5 |
| January 1, 2016 - June 13, 2016 | 11 |
2012-2015 |
|
| September 14, 2012 - December 31, 2015 | 8,25 |
2011 |
|
| December 26, 2011 - September 13, 2012 | 8 |
| May 3, 2011 - December 25, 2011 | 8,25 |
| February 28, 2011 - May 2, 2011 | 8 |
2010 |
|
| June 1, 2010 - February 27, 2011 | 7,75 |
| April 30, 2010 - May 31, 2010 | 8 |
| March 29, 2010 - April 29, 2010 | 8,25 |
| February 24, 2010 - March 28, 2010 | 8,5 |
year 2009 |
|
| December 28, 2009 - February 23, 2010 | 8,75 |
| November 25, 2009 - December 27, 2009 | 9 |
| October 30, 2009 - November 24, 2009 | 9,5 |
| September 30, 2009 - October 29, 2009 | 10 |
| September 15, 2009 - September 29, 2009 | 10,5 |
| August 10, 2009 - September 14, 2009 | 10,75 |
| July 13, 2009 - August 9, 2009 | 11 |
| June 5, 2009 - July 12, 2009 | 11,5 |
| May 14, 2009 - June 4, 2009 | 12 |
| April 24, 2009 - May 13, 2009 | 12,5 |
Until 2008 |
|
| December 1, 2008 - April 23, 2009 | 13 |
| November 12, 2008 - November 30, 2008 | 12 |
| July 14, 2008 - November 11, 2008 | 11 |
| June 10, 2008 - July 13, 2008 | 10,75 |
| April 29, 2008 - June 9, 2008 | 10,5 |
| February 4, 2008 - April 28, 2008 | 10,25 |
| June 19, 2007 - February 3, 2008 | 10 |
| January 29, 2007 - June 18, 2007 | 10,5 |
| October 23, 2006 - January 28, 2007 | 11 |
| June 26, 2006 - October 22, 2006 | 11,5 |
| December 26, 2005 - June 25, 2006 | 12 |
| June 15, 2004 - December 25, 2005 | 13 |
| January 15, 2004 - June 14, 2004 | 14 |
| June 21, 2003 - January 14, 2004 | 16 |
| February 17, 2003 - June 20, 2003 | 18 |
| August 7, 2002 - February 16, 2003 | 21 |
| April 9, 2002 - August 6, 2002 | 23 |
| November 4, 2000 - April 8, 2002 | 25 |
| July 10, 2000 - November 3, 2000 | 28 |
| March 21, 2000 - July 9, 2000 | 33 |
| March 7, 2000 - March 20, 2000 | 38 |
| January 24, 2000 - March 6, 2000 | 45 |
| June 10, 1999 - January 23, 2000 | 55 |
| July 24, 1998 - June 9, 1999 | 60 |
| June 29, 1998 - July 23, 1998 | 80 |
| June 5, 1998 - June 28, 1998 | 60 |
| May 27, 1998 - June 4, 1998 | 150 |
| May 19, 1998 - May 26, 1998 | 50 |
| March 16, 1998 - May 18, 1998 | 30 |
| March 2, 1998 - March 15, 1998 | 36 |
| February 17, 1998 - March 1, 1998 | 39 |
| February 2, 1998 - February 16, 1998 | 42 |
| November 11, 1997 - February 1, 1998 | 28 |
| October 6, 1997 - November 10, 1997 | 21 |
| June 16, 1997 - October 5, 1997 | 24 |
| April 28, 1997 - June 15, 1997 | 36 |
| February 10, 1997 - April 27, 1997 | 42 |
| December 2, 1996 - February 9, 1997 | 48 |
| October 21, 1996 - December 1, 1996 | 60 |
| August 19, 1996 - October 20, 1996 | 80 |
| July 24, 1996 - August 18, 1996 | 110 |
| February 10, 1996 - July 23, 1996 | 120 |
| December 1, 1995 - February 9, 1996 | 160 |
| October 24, 1995 - November 30, 1995 | 170 |
| June 19, 1995 - October 23, 1995 | 180 |
| May 16, 1995 - June 18, 1995 | 195 |
| January 6, 1995 - May 15, 1995 | 200 |
| November 17, 1994 - January 5, 1995 | 180 |
| October 12, 1994 - November 16, 1994 | 170 |
| August 23, 1994 - October 11, 1994 | 130 |
| August 1, 1994 - August 22, 1994 | 150 |
| June 30, 1994 - July 31, 1994 | 155 |
| June 22, 1994 - June 29, 1994 | 170 |
| June 2, 1994 - June 21, 1994 | 185 |
| May 17, 1994 - June 1, 1994 | 200 |
| April 29, 1994 - May 16, 1994 | 205 |
| October 15, 1993 - April 28, 1994 | 210 |
| September 23, 1993 - October 14, 1993 | 180 |
| July 15, 1993 - September 22, 1993 | 170 |
| June 29, 1993 - July 14, 1993 | 140 |
| June 22, 1993 - June 28, 1993 | 120 |
| June 2, 1993 - June 21, 1993 | 110 |
| March 30, 1993 - June 1, 1993 | 100 |
| May 23, 1992 - March 29, 1993 | 80 |
| April 10, 1992 - May 22, 1992 | 50 |
| January 1, 1992 - April 9, 1992 | 20 |
Key rate of the Bank of Russia and all its changes
The key rate of the Central Bank of the Russian Federation today (since December 17, 2018) is 7.75%. The next Board of Directors of the Bank of Russia, held on April 26, 2019, decided to maintain the key rate at 7.75% per annum. This key rate will be valid until June 14, 2019.
In March of this year, annual inflation passed a local peak, and in April it began to slow down. At the same time, the current growth rate of consumer prices is slightly lower than the forecast of the Bank of Russia. In April, households' inflation expectations increased slightly after their noticeable decrease in March. Price expectations of enterprises continued to decline, but remain at an elevated level. Short-term pro-inflationary risks have decreased. The decisions of the Bank of Russia to increase the key rate in September and December 2018 were sufficient to limit the effects of one-time pro-inflationary factors.
According to the Bank of Russia forecast, annual inflation will return to 4% in the first half of 2020.
Bank of Russia key rate for April-June 2019
At the regular meeting of the Board of Directors of the Bank of Russia, held on April 26, 2019 It was decided to keep the key rate at 7.75%. This key rate will be valid from December 17, 2018 to June 14, 2019, i.e. before the date of the next meeting of the Board of Directors of the Bank of Russia.
The previous key rate of the Bank of Russia was 7.50% and its validity period lasted three months (from 09/17/2018 to 12/16/2018).
Inflation dynamics.Annual inflation passed a local peak in March. The annual growth rate of consumer prices in March increased to 5.3% (from 5.2% in February 2019). In April, annual inflation began to slow down and, according to estimates as of April 22, fell to 5.1%. At the same time, the current growth rate of consumer prices is slightly lower than the forecast of the Bank of Russia. The transfer of the VAT increase to prices is largely complete.The proactive decisions of the Bank of Russia to increase the key rate in September and December 2018 contributed to the return of the monthly growth rate of consumer prices to levels close to 4% in annual terms. The dynamics of consumer demand have a restraining effect on inflation. In addition, temporary disinflationary factors also contributed to the slowdown in consumer price growth, including the strengthening of the ruble since the beginning of this year, a decrease in prices for main types of motor fuel and certain food products in March-April compared to February.
In April, households' inflation expectations increased slightly after their noticeable decline in March. Price expectations of enterprises continued to decline, but remain at an elevated level.
According to the Bank of Russia forecast, annual inflation will return to 4% in the first half of 2020.
Monetary conditions. Since the previous meeting of the Board of Directors of the Bank of Russia, monetary conditions have not changed significantly. OFZ yields and deposit-credit rates remained close to the levels of the end of March. At the same time, the decline in OFZ yields that has occurred since the beginning of this year creates conditions for a reduction in deposit and lending rates in the future.
Economic activity. Rosstat's revision of data on GDP dynamics in 2014–2018 does not change the Bank of Russia's view of the current state of the economy - it is close to potential. The dynamics of consumer demand and the situation on the labor market do not create excessive inflationary pressure. In the first quarter, the annual growth rate of industrial production was moderate and slightly lower than in the fourth quarter of last year. Investment activity remains subdued. The annual growth rate of retail trade turnover decreased in the first quarter due to a VAT increase and slower wage growth.
The Bank of Russia expects GDP growth of 1.2–1.7% for 2019. The VAT increase had a slight dampening effect on business activity. Additional budget funds received in 2019 will be used to increase government spending, including investment ones. In subsequent years, it is possible that the rate of economic growth will increase as national projects are implemented.
Inflation risks. Short-term pro-inflationary risks have decreased. In terms of internal conditions, the risks of secondary effects from the VAT increase are assessed as insignificant; the risks of accelerated price increases for certain food products have decreased.
At the same time, elevated and unanchored inflation expectations, as well as external factors, remain significant risks. In particular, risks of a slowdown in global economic growth remain. Geopolitical factors may lead to increased volatility in global commodity and financial markets and affect exchange rate and inflation expectations. Supply side factors in the oil market may increase the volatility of global oil prices. At the same time, the revision of interest rate trajectories by the US Federal Reserve and central banks of other countries with developed markets in the first quarter limits the risks of sustainable capital outflow from countries with emerging markets.
The Bank of Russia's assessment of risks associated with wage dynamics, possible changes in consumer behavior and budget expenditures has not changed significantly. These risks remain moderate.
The Bank of Russia will make decisions on the key rate taking into account the dynamics of inflation and the economy relative to the forecast, as well as assessing risks from external conditions and the reaction of financial markets to them. If the situation develops in accordance with the baseline forecast, the Bank of Russia allows a transition to lowering the key rate in 2019.
The next meeting of the Board of Directors of the Bank of Russia, at which the issue of the level of the key rate will be considered, is scheduled for June 14, 2019. Time of publication of a press release on the decision of the Board of Directors of the Bank of Russia - 13:30 Moscow time.
Dynamics of the key rate of the Central Bank of the Russian Federation for 2013 - 2019
The key rate was declared as the main instrument of monetary policy from September 13, 2013. From this date until the end of 2013, it was 5.50% per annum, inflation at the end of 2013 was 6.45%.
In 2014, the key rate changed 6 times, all in the direction of growth. Russia ended 2014 with the Central Bank key rate of 17.00%. A sharp increase in the key rate to 17.00% per annum occurred on December 16, 2014. The Board of Directors of the Bank of Russia noted that this decision was due to the need to limit devaluation and inflation risks that have significantly increased recently. Inflation at the end of 2014 was 11.36%.
2015, which began with a rate of 17% per annum, continued with its gradual decrease. During 2015, there were 5 changes in the key rate, and there were 6 rates during the year. The year ended with the key rate at 11.00%. Inflation at the end of 2015 was 12.90%.
During January - June 2016, the Bank of Russia periodically decided to maintain the key rate in force since 2015 at 11.0% per annum, from June 14 - reduced it to 10.50%, and from September 19, 2016, reduced it to - 10. 00%. At the end of 2016, the key rate was kept at 10.00%. Inflation at the end of 2016 was 5.4%.
Since the beginning of 2017, the key rate by the Bank of Russia has been maintained at 10.00%, and from the second quarter it began to be systematically lowered. During 2017, the key rate changed 6 times and decreased from 10.00% to 7.75% by the end of the year. Inflation in Russia in 2017 was 2.5%.
At the beginning of 2018, the key rate of the Bank of Russia was 7.75% per annum, from 02/12/2018 it was reduced to 7.50%., from March 26, 2018 it was reduced to 7.25% per annum, and from 09/17/2018 it was increased to 7 ,50%. From December 17, 2018, the rate was again increased to 7.75% and returned to the rate in force at the beginning of the year. The key rate of 7.75% will be valid until March 22, 2019.
Since the beginning of 2019, the Bank of Russia rate has been 7.75% per annum and will remain in effect until June 14, 2019.
Table of dynamics (changes) of the key rate of the Central Bank of the Russian Federation for 2013 - 2019
The table shows the dynamics (changes) of the Bank of Russia rate since its introduction (since September 13, 2013):
| Bet validity period | Bank of Russia key rate (%) |
|---|---|
| from December 17, 2018 - to June 14, 2019 (date may be confirmed) | 7,75 |
| from September 17, 2018 - to December 16, 2018 | 7,50 |
| from March 26, 2018 - to September 16, 2018 | 7,25 |
| from February 12, 2018 - to March 25, 2018 | 7,50 |
| from December 18, 2017 - to February 11, 2018 | 7,75 |
| from October 30, 2017 - to December 17, 2017 | 8,25 |
| from September 18, 2017 - to October 29, 2017 | 8,50 |
| from June 19, 2017 - to September 17, 2017 | 9,00 |
| from May 02, 2017 - to June 18, 2017 | 9,25 |
| from March 27, 2017 - to May 1, 2017 | 9,75 |
| from September 19, 2016 - to March 26, 2017 | 10,00 |
| from June 14, 2016 - to September 18, 2016 | 10,50 |
| from August 3, 2015 - to June 13, 2016 | 11,00 |
| from June 16, 2015 - to August 02, 2015 | 11,50 |
| from May 05, 2015 - June 15, 2015 | 12,50 |
| from March 16, 2015 to May 04, 2015 | 14,00 |
| from February 2, 2015 to March 15, 2015 | 15,00 |
| from December 16, 2014 to February 1, 2015 | 17,00 |
| from December 12, 2014 to December 15, 2014 | 10,50 |
| from November 5, 2014 to December 11, 2014 | 9,50 |
| from July 28, 2014 to November 4, 2014 | 8,00 |
| from April 28, 2014 to July 27, 2014 | 7,50 |
| from March 03, 2014 to April 27, 2014 | 7,00 |
| from September 13, 2013 to March 02, 2014 | 5,50 |
Definition and introduction history
The key rate of the Bank of Russia was first officially announced as the main instrument of monetary policy on September 13, 2013. Then, at the Board of Directors of the Bank of Russia, a new macroeconomic concept was introduced - "Key Bet", and the approach to monetary policy instruments was also changed.
It was on September 13, 2013 that the Board of Directors of the Central Bank of the Russian Federation made a historic decision to implement a set of measures to improve the instruments of the monetary policy system as part of the transition to an inflation targeting regime * .
Measures under the new monetary policy of the Bank of Russia include the following:
- introduction key rate by unifying interest rates on operations for providing and absorbing liquidity on an auction basis for a period of 1 week;
- formation of an interest rate corridor Bank of Russia and optimization of the system of instruments for regulating liquidity in the banking sector;
- changing the role of the refinancing rate in the system of instruments of the Bank of Russia.
The key rate of the Central Bank of the Russian Federation is a rate set by the Bank of Russia in order to have a direct or indirect impact on the level of interest rates prevailing in the country's economy, which occurs through lending by the Bank of Russia to commercial banks. That is, with its help there is an impact on the economy in order to achieve the planned level of inflation.
Regulation of the key rate, as a rule, is the main instrument of monetary policy of the Bank of Russia.
From January 1, 2016, the Bank of Russia adjusted the refinancing rate to the level of the key rate, and before this date the refinancing rate was of secondary importance and was indicated on the Bank of Russia website for reference.
That is, from September 13, 2013 until January 1, 2016, an entry was made on the Bank of Russia website (in the section of the main financial market indicators) that reflected new approaches to the system of monetary policy instruments. The entry looked like this:
- Key rate, % - 0.00
- For reference: refinancing rate, % - 0.00.
Important: The Board of Directors of the Bank of Russia (dated December 11, 2015) established that starting from January 1, 2016:
- the value of the refinancing rate is equal to the value of the key rate of the Bank of Russia determined on the corresponding date and its independent value is not established in the future. The change in the refinancing rate will occur simultaneously with a change in the key rate of the Bank of Russia by the same amount.
- from January 1, 2016, the Government of the Russian Federation will use the key rate of the Bank of Russia in all regulations instead of the refinancing rate (about which the Prime Minister of Russia D. Medvedev signed an order).
So, the current key rate of the Bank of Russia is 7.75% per annum, and its validity period is from December 17, 2018 to June 14, 2019.
* Inflation targeting is a set of measures expressed in the selection of economic goals that must be influenced in order to achieve the planned level of inflation.
The dynamics of the refinancing rate from January 1, 1992 to September 13, 2013 can be viewed
