In many normative documents meets concept Central Bank refinancing rate. It is taken into account when calculating the amount of various penalties and fines, the interest that will be charged depends on it. commercial banks for using the loan. Depending on many economic and political factors, the value of the refinancing rate is updated periodically. For 2017, there are several predictable scenarios for the development of events in relation to its changes. Most experts agree that positive scenarios for 2017 are more likely (in the case of the refinancing rate, this is its fall). But there are also negative ways to develop, what - read on.
Refinancing rate and key rate - combining indicators in 2017
Until 2016 in Russian Federation there were two sovereign concepts: the refinancing rate and the key rate. Last fixes minimum percentage, under which commercial banks receive loans from the Central Bank for a period of 1 week, it is also equal to maximum percentage By cash deposits in the Central Bank from these banks. This indicator is the primary regulator of inflation and attractiveness for investors.
The refinancing rate refers to the annual rate on loans taken by commercial and government financial institutions(for example, or Alfabank) from the Central Bank of the Russian Federation. In Russia, it is tied to the calculation of interest on debts and fines, the condition for taxing income on deposits, and it directly affects the cost of loans for individuals and legal entities.
Most of the time, these indicators did not differ significantly from each other. But at the end of 2014, the Central Bank was forced to sharply raise the key rate in order to quickly curb inflation and prevent a sharp devaluation of the ruble. The higher the key rate, the more expensive the loans. This leads to a decrease in purchasing power. As a result, inflation growth slows down. Subsequently, the Central Bank of Russia was faced with the task of gradually equalizing both indicators.
From January 1, 2016, the default refinancing rate equals value key rate , is not installed separately and is not broadcast on the official website.
Refinancing rate in 2016 - retrospective
In the period from the end of 2009 to the beginning of 2016, the refinancing rate fluctuated from 7.75% to 8.75% and tended to slowly decrease. From September 14, 2012 to January 1, 2016, its value did not change at all and remained at the level of 8.25%. But due to equalization with the key rate, since the beginning of last year it has grown to 11%.
During 2016, the flat rate moved down twice as the economy saw some improvements, including slower growth consumer prices. Since June 14, the indicator was equal to 10.5%, September 19 central bank Russia took off another half a point. As a result, 2016 was closed with a key rate of 10%.
Refinancing rate 2017 from the Central Bank of the Russian Federation
On February 3, 2017, a meeting of directors was held Central Bank Russia, following which it was decided to leave the key rate at the same level of 10%. And already on March 24, the rate was reduced to 9.75% per annum. This is explained by the following characteristics of the current state of the Russian economy:
- The real dynamics of inflation is in line with the forecast of the Central Bank of Russia, by the end of 2017 it is expected to reach the level of 4%.
- Monetary policy provides required by the Bank In Russia, the balance of interest in loans and the possibility of obtaining it, which restrains the growth of consumer prices due to reduced demand.
- The growth rate of economic activity turned out to be slightly higher than expected by the Central Bank of the Russian Federation.
- The unemployment rate remained at the same level.
At the same time, inflationary risks remain. The economy is too susceptible to serious changes in the negative direction under the influence of a large number of factors: the foreign policy situation, the rapid growth of consumer interest, crop failure, etc.
The next meeting of the Board of Directors of the Central Bank of the Russian Federation on the issue of changing the key rate is scheduled for April 28, 2017.
Forecasts and factors affecting rate changes in 2017
On this moment there is no unequivocal opinion among experts on how events will develop. According to optimistic forecasts, we can expect a reduction in the key rate to 8.5-8.0%, but not earlier than the middle of the second quarter of 2017. Such a situation is possible in the settlement of foreign economic and foreign policy relations, in particular, expectations are associated with the likelihood of lifting sanctions and favorable conditions commodity market. However, a sharp increase in the availability of loans can lead to another jump in inflation, which threatens a new crisis.
More skeptical specialists tend to keep the rate at the level of 10%, as the current stability foreign exchange market and a slowdown in inflation is not guaranteed in the near future.
The main thing that determines the size of the key rate is the level of inflation in the country. Which in turn depends on many economic factors:
- The value of the domestic currency. The weakening of the ruble provokes an increase in commodity prices.
- Prices for oil and other energy resources. Russian economy is still raw material. The fall in oil prices threatens to increase the budget deficit, which can be filled by the devaluation of the ruble.
- Foreign economic relations. The presence of any restrictions in trade and other interaction in the field of business hinders the development of some industries.
- Seasonal natural phenomena. For example, a high harvest in 2016 offset a possible food shortage this year and did not allow prices for certain food groups to increase.
- purchasing power of the population. Increased demand for goods always means a further increase in the cost of these goods due to their demand.
The dynamics of changes in the refinancing rate, currently equated to the key rate of the Central Bank of the Russian Federation, clearly reflects the overall picture of the state of the economy in the selected period. Only with stable and minimized inflation is a significant reduction in rates possible. Otherwise low interest lead to a depreciation of the ruble and a deep financial crisis.
Key rates of other world states and neighboring countries
Refinancing rates of major world economies
- USA - the key rate here is called the "Federal Funds Rate" and is equal to 0.75% as of March 2017
- Eurozone - in the countries of circulation of the Euro, as of the beginning of 2017, the key rate is 0% (zero percent) and is officially called the “Main refinancing operations rate”
- Japan is one of the few countries where the refinancing rate has a negative value and is equal to -0.1%. The official name of the indicator is “Target for the overnight call rate”
- China - in China, the refinancing rate is 4.35%
- Britain - in the UK, the key rate is called the "Bank Rate" and has a value of 0.25% at the beginning of 2017.
- Canada - the local rate is called "Target for the overnight rate" and is equal to 0.5% as of March 2017.
- Australia - the indicator is called "Cash Rate" and is equal to 1.5% as of March 2017.
Refinancing rates of neighboring countries:
- Ukraine - NBU discount rate is 14% as of March 2017
- Belarus - NBRB refinancing rate - 16% at the beginning of 2017
- Kazakhstan - National Bank Kazakhstan in February lowered its refinancing rate to 11%
- Türkiye - the figure is 11.27% for February 2017
https://www.youtube.com/watch?v=IPAilG9_5S8 Video can't be loaded: Refinancing rate and inflation. (V.A. Efimov). (https://www.youtube.com/watch?v=IPAilG9_5S8)
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Central Bank of the Russian Federation (Bank of Russia)
Press Service
107016, Moscow, st. Neglinnaya, 12
Information
The Bank of Russia decided to keep the key rate at 7.75% per annum
On March 22, 2019, the Board of Directors of the Bank of Russia decided to keepkey rate at the level of 7.75% per annum. In February-March 2019, inflation is slightly below the Bank of Russia's expectations. Despite the fact that the inflation expectations of households and enterprises decreased noticeably in February-March, they remain at an elevated level. The contribution of the VAT increase to the annual growth rate of consumer prices was largely realized. However, delayed effects may appear in the coming months. Short-term pro-inflationary risks have declined. With this in mind, the Bank of Russia lowered its forecast for annual inflation at the end of 2019 from 5.0–5.5% to 4.7–5.2% and forecasts its return to 4% in the first half of 2020.
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 the risks from external conditions and the reaction to them financial markets. If the situation develops in accordance with the baseline forecast, the Bank of Russia allows a transition to a reduction in the key rate in 2019.
Dynamics of inflation. Annual inflation in February-March 2019 is below the expectations of the Bank of Russia. In February, the annual growth rate of consumer prices increased to 5.2% (from 5.0% in January 2019). As of March 18, annual inflation was 5.3%. The pass-through of the VAT increase into prices has largely materialized. Its contribution to annual inflation amounted to about 0.6–0.7 percentage points, which corresponds to the lower limit of the Bank of Russia's expectations. Separate deferred effects of the VAT increase may emerge in the coming months. The full impact of VAT on inflation can be assessed in the second quarter current year.
A significant role in the increase in inflation in February was played by an increase in the growth rate of food prices to 5.9% (from 5.5% in January 2019). The acceleration of food inflation is largely of a recovery nature after its significant decline in the second half of 2017 - the first half of 2018. Accordingly, the effect of the low food price base makes a significant contribution to the annual growth rate of the consumer price index. Prices for non-food products and services over the past 12 months have increased to a lesser extent than in the food market. The acceleration of annual inflation was limited by the dynamics of consumer demand and income, the strengthening of the ruble, and the decline in prices for the main types of motor fuel and certain food products in February compared to January. Inflation was also moderated by the Bank of Russia’s pre-emptive decisions to raise the key rate in September and December 2018.
Despite the fact that inflation expectations of the population and enterprises decreased markedly in February-March, they remain at an elevated level .
According to the forecast of the Bank of Russia, the local peak of annual inflation will be passed in March-April 2019. At the same time, the Bank of Russia lowered its annual inflation forecast for the end of 2019 from 5.0–5.5% to 4.7–5.2%. Annual quarterly consumer price growth will slow to 4% in the second half of 2019. Annual inflation will return to 4% in the first half of 2020, when the effects of the ruble weakening in 2018 and the VAT increase will wear off.
Monetary conditions. Monetary conditions have not changed significantly since the beginning of this year. Dynamics interest rates in various segments of the domestic financial market was multidirectional. OFZ yields declined amid an improvement in the situation on global financial markets and a revision by market participants of expectations on the path of the key rate of the Bank of Russia in the future. Deposit rates grew a little lending rates stabilized. At the same time, the dynamics of OFZ yields limits the potential for further growth in deposit and lending rates and creates conditions for their reduction in the future. Maintaining positive real interest rates on deposits and bonds will support the attractiveness of savings and balanced consumption growth.
Economic activity. The economy is near potential. The dynamics of consumer demand and the situation on the labor market do not create excessive inflationary pressure. In January-February, the annual growth rate industrial production formed at the level of the fourth quarter of last year. The growth of investment activity remains restrained. Annual turnover growth rate retail decreased in January-February amid VAT increase and growth slowdown wages, which is in line with the forecast of the Bank of Russia.
The Bank of Russia maintains its GDP growth rate forecast at 1.2–1.7% in 2019. The VAT increase has a slight dampening effect on business activity. Additional received budget resources already in 2019 will be directed to increase public spending including those of an investment nature. In the coming years, there may be an increase in economic growth as national projects are implemented.
Inflation risks. Short-term pro-inflationary risks have declined. In terms of domestic conditions, the risks of spillovers from the VAT increase and increased prices for certain food products have decreased. In terms of external conditions, the revision of the interest rate path of the US Federal Reserve and other advanced market central banks reduces the risks of sustained capital outflows from emerging markets.
At the same time, 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. Despite the growth oil prices since the beginning of this year, the risks of excess supply over demand in the oil market in 2019 remain elevated.
Raised and unanchored inflation expectations also remain a significant risk.
Assessment by the Bank of Russia of the risks associated with the dynamics of wages, possible changes in consumer behavior and budget spending, 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 the 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 a reduction in the key rate in 2019.
The next meeting of the Board of Directors of the Bank of Russia, which will consider the issue of the key rate level, is scheduled for April 26, 2019. The time of publication of the press release on the decision of the Board of Directors of the Bank of Russia is 13:30 Moscow time.
Based on the results of the meeting of the Board of Directors on the key rate on March 22, 2019, the Bank of Russia published a medium-term forecast.
Since January 2016, changes were made to the legislation of the Russian Federation, according to which the refinancing rate was equated to the key one. The latter is a variable indicator. It is established by the Bank of Russia, depending on economic indicators, inflation rate and other factors. It is one of the main tools for implementing the state's monetary policy and directly affects the cost of loans issued by commercial banks to businesses and the public, as well as interest on deposits.
The rate cut has a positive effect on the development of the economy. Cheap loans stimulate business development and consumer demand. But, as you know, development occurs in certain cycles. This means that the Central Bank has to change the rate from time to time, thereby carrying out regulation. Thus, during a crisis, an increase in this indicator reduces the demand for loans. A decrease in lending, although it slows down the growth of the economy, allows avoiding the processes of rising inflation and aggravating the crisis.
Knowing the exact value of the refinancing rate, the organization's accountant can:
check whether the regulatory authorities or contract partners have correctly calculated penalties;
independently calculate the penalty under the contract, payment of wages, taxes or other payments.
To find out how much interest you need to pay penalties, you must use the current value of the indicator at the time of the delay. If during this period the rate changed, the calculation for the period of validity of each of its sizes is carried out separately.
Contains the current value of the refinancing rate by year table, which is located on the website of the Central Bank. It indicates the size of the indicator, the period of validity and the document on the basis of which the changes took effect. It is recommended to use this table exclusively (which you also see on this page of our site), as it contains accurate and up-to-date data.
Rate value
Today, the regulator is gradually reducing the size of the rate. This is due to the stabilization of the economy and low level inflation. The decline was observed in 2017, and for 2018 the forecast for improving the macro and microeconomic indicators of the Russian Federation remains. The last decrease in the indicator occurred on March 26 of this year. According to the head of the Central Bank of the Russian Federation, the regulator plans to continue a phased decline if the economy continues to give growth signals. The next change is possible as early as April 2018. To find out exactly what the key rate is, you should use up-to-date information from the Central Bank website.
Table with dynamics
The refinancing rate has changed constantly since its introduction in 1992. The change in the refinancing rate took place both up and down. IN times of crisis 90s, the value of this indicator changed in less than a month, and maximum size exceeded 200 points. The easiest way to evaluate the dynamics is on the graph of changes in the refinancing rate, and then the key one.
You can find out the refinancing rate on the date of the overdue debt in the table below.
On years
There is no specific period during which the refinancing interest rate is valid. It changes depending on the state of the financial sector and inflation expectations. Typically, an increase in the indicator is the result of a reduction in price. national currency, and vice versa. To make it easier for interested parties to determine the size of the refinancing rate in different period actions, table is used.
| Validity period of the key rate | Key rate (refinancing rate*) -% |
|---|---|
| since December 17, 2018 | 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, 2016 - to May 01, 2017. | 9,75 |
| from September 19, 2016 - to March 26, 2017. | 10,00 |
| from June 14, 2016 - to September 18, 2016 | 10,50 |
| from January 01, 2016 - to June 13, 2016 | 11,00 |
| Validity period 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 setting date | Bank of Russia Ordinance No. 3894-U, dated December 11, 2015, “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 | Bank of Russia Directive No. 2873-U dated September 13, 2012 |
| December 26, 2011 - September 13, 2012 | 8,00 | Bank of Russia Directive No. 2758-U dated December 23, 2011 |
| May 3, 2011 - December 25, 2011 | 8,25 | Bank of Russia Directive No. 2618-U dated April 29, 2011 |
| February 28, 2011 - May 2, 2011 | 8,00 | Bank of Russia Directive No. 2583-U dated February 25, 2011 |
| June 01, 2010 - February 27, 2011 | 7,75 | Bank of Russia Directive No. 2450-U dated May 31, 2010 |
| April 30, 2010 - May 31, 2010 | 8,00 | Bank of Russia Directive No. 2439-U dated April 29, 2010 |
| March 29, 2010 - April 29, 2010 | 8,25 | Bank of Russia Directive No. 2415-U dated March 26, 2010 |
| February 24, 2010 - March 28, 2010 | 8,50 | Bank of Russia Directive No. 2399-U dated February 19, 2010 |
| December 28, 2009 - February 23, 2010 | 8,75 | Bank of Russia Directive No. 2369-U dated December 25, 2009 |
| November 25 - December 27, 2009 | 9,0 | Bank of Russia Directive No. 2336-U dated November 24, 2009 |
| October 30, 2009 - November 24, 2009 | 9,50 | Bank of Russia Directive No. 2313-U dated October 29, 2009 |
| September 30, 2009 - October 29, 2009 | 10,00 | Instruction of the Bank of Russia dated September 29, 2009 No. 2299-U |
| September 15, 2009 - September 29, 2009 | 10,50 | Instruction of the Bank of Russia dated September 14, 2009 No. 2287-U |
| August 10, 2009 - September 14, 2009 | 10,75 | Instruction of the Central Bank of the Russian Federation dated 07.08.2009 No. 2270-U |
| July 13, 2009 - August 9, 2009 | 11,0 | Instruction 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 04.06.2009 No. 2247-U |
| May 14, 2009 - June 4, 2009 | 12,0 | Instruction of the Central Bank of the Russian Federation dated May 13, 2009 No. 2230-U |
| April 24, 2009 - May 13, 2009 | 12,5 | Instruction of the Central Bank of the Russian Federation dated April 23, 2009 No. 2222-U |
| December 1, 2008 - April 23, 2009 | 13,00 | Instruction of the Central Bank of the Russian Federation dated November 28, 2008 No. 2135-U |
| November 12, 2008 - November 30, 2008 | 12,00 | Instruction of the Central Bank of the Russian Federation dated November 11, 2008 No. 2123-U |
| July 14, 2008 - November 11, 2008 | 11,00 | Instruction of the Central Bank of the Russian Federation dated July 11, 2008 No. 2037-U |
| June 10, 2008 - July 13, 2008 | 10,75 | Instruction of the Central Bank of the Russian Federation dated 09.06.2008 No. 2022-U |
| April 29, 2008 - June 9, 2008 | 10,5 | Instruction of the Central Bank of the Russian Federation dated April 28, 2008 No. 1997-U |
| February 04, 2008 - April 28, 2008 | 10,25 | Instruction 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 of 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 of October 20, 2006 No. 1734-U |
| June 26, 2006 - October 22, 2006 | 11,5 | Telegram of the Central Bank of the Russian Federation of June 23, 2006 No. 1696-U |
| December 26, 2005 - June 25, 2006 | 12 | Telegram of the Central Bank of the Russian Federation of December 23, 2005 No. 1643-U |
| June 15, 2004 - December 25, 2005 | 13 | Telegram of the Central Bank of the Russian Federation of 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 of June 20, 2003 No. 1296-U |
| February 17, 2003 - June 20, 2003 | 18 | Telegram of the Central Bank of the Russian Federation of February 14, 2003 No. 1250-U |
| August 7, 2002 - February 16, 2003 | 21 | Telegram of the Central Bank of the Russian Federation dated 08/06/2002 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 of March 20, 2000 No. 757-U |
| March 7, 2000 - March 20, 2000 | 38 | Telegram of the Central Bank of the Russian Federation of 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 09.06.99 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 of June 26, 1998 No. 268-U |
| June 5, 1998 - June 28, 1998 | 60 | Telegram of the Central Bank of the Russian Federation dated 04.06.98 No. 252-U |
| May 27, 1998 – June 4, 1998 | 150 | Telegram of the Central Bank of the Russian Federation of May 27, 1998 No. 241-U |
| May 19, 1998 – May 26, 1998 | 50 | Telegram of the Central Bank of the Russian Federation of May 18, 1998 No. 234-U |
| March 16, 1998 – May 18, 1998 | 30 | Telegram of the Central Bank of the Russian Federation of March 13, 1998 No. 185-U |
| March 2, 1998 - March 15, 1998 | 36 | Telegram of the Central Bank of the Russian Federation of 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 30.01.98 No. 154-U |
| November 11, 1997 - February 1, 1998 | 28 | Telegram of the Central Bank of the Russian Federation of 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 13.06.97 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 February 7, 1997 No. 9-97 |
| December 2, 1996 - February 9, 1997 | 48 | Telegram of the Central Bank of the Russian Federation of November 29, 1996 No. 142-96 |
| October 21, 1996 – December 1, 1996 | 60 | Telegram of the Central Bank of the Russian Federation of October 18, 1996 No. 129-96 |
| August 19, 1996 - October 20, 1996 | 80 | Telegram of the Central Bank of the Russian Federation dated 16.08.96 No. 109-96 |
| July 24, 1996 – August 18, 1996 | 110 | Telegram of the Central Bank of the Russian Federation of July 23, 1996 No. 107-96 |
| February 10, 1996 - July 23, 1996 | 120 | Telegram of the Central Bank of the Russian Federation dated February 9, 1996 No. 18-96 |
| December 1, 1995 – February 9, 1996 | 160 | Telegram of the Central Bank of the Russian Federation of November 29, 1995 No. 131-95 |
| October 24, 1995 - November 30, 1995 | 170 | Telegram of the Central Bank of the Russian Federation of October 23, 1995 No. 111-95 |
| June 19, 1995 – October 23, 1995 | 180 | Telegram of the Central Bank of the Russian Federation dated 16.06.95 No. 75-95 |
| May 16, 1995 – June 18, 1995 | 195 | Telegram of the Central Bank of the Russian Federation of May 15, 1995 No. 64-95 |
| January 6, 1995 - May 15, 1995 | 200 | Telegram of the Central Bank of the Russian Federation dated 05.01.95 No. 3-95 |
| November 17, 1994 – January 5, 1995 | 180 | Telegram of the Central Bank of the Russian Federation of November 16, 1994 No. 199-94 |
| October 12, 1994 - November 16, 1994 | 170 | Telegram of the Central Bank of the Russian Federation of October 11, 1994 No. 192-94 |
| August 23, 1994 – October 11, 1994 | 130 | Telegram of the Central Bank of the Russian Federation dated 22.08.94 No. 165-94 |
| August 1, 1994 – August 22, 1994 | 150 | Telegram of the Central Bank of the Russian Federation of July 29, 1994 No. 156-94 |
| June 30, 1994 - July 31, 1994 | 155 | Telegram of the Central Bank of the Russian Federation of 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 of May 16, 1994 No. 121-94 |
| April 29, 1994 – May 16, 1994 | 205 | Telegram of the Central Bank of the Russian Federation of April 28, 1994 No. 115-94 |
| October 15, 1993 – April 28, 1994 | 210 | Telegram of the Central Bank of the Russian Federation of October 14, 1993 No. 213-93 |
| September 23, 1993 – October 14, 1993 | 180 | Telegram of the Central Bank of the Russian Federation of September 22, 1993 No. 200-93 |
| July 15, 1993 – September 22, 1993 | 170 | Telegram of the Central Bank of the Russian Federation of July 14, 1993 No. 123-93 |
| June 29, 1993 – July 14, 1993 | 140 | Telegram of the Central Bank of the Russian Federation of June 28, 1993 No. 111-93 |
| June 22, 1993 – June 28, 1993 | 120 | Telegram of the Central Bank of the Russian Federation of 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 of March 29, 1993 No. 52-93 |
| May 23, 1992 – March 29, 1993 | 80 | Telegram of the Central Bank of the Russian Federation of May 22, 1992 No. 01-156 |
| April 10, 1992 – May 22, 1992 | 50 | Telegram of the Central Bank of the Russian Federation dated 10.04.92 No. 84-92 |
| January 1, 1992 – April 9, 1992 | 20 | Telegram of the Central Bank of the Russian Federation of December 29, 1991 No. 216-91 |
The possibility of changing the indicator is considered at a meeting of the Board of Directors of the Central Bank of the Russian Federation. The regulator's management analyzes the external and internal environment, determines the indicators that may affect the economy of the Russian Federation, the risks that arise in this case. After that, a forecast is made for the near future and a decision is made whether to increase, reduce the key rate or leave this indicator unchanged.
Rate for today
The key rate is minimal. The last time it was lower was in March 2014 (then its size decreased to 7 points). At the moment, the forecasts of the Central Bank are optimistic. The regulator's leadership does not rule out another decline in the near future, but does not rule out a pause either. As long as favorable conditions persist, the current rate will most likely not be increased. The head of the Central Bank of the Russian Federation said that this is not yet planned, even if economic sanctions against Russia increase.
You can also comment or ask a question.
From January 1, 2016, the value of the refinancing rate of the Central Bank of the Russian Federation was equated to the value of the key rate of the Bank of Russia on the corresponding date. From January 1, 2016, the independent value of the refinancing rate is not set and is not displayed on the website of the Bank of Russia.Refinancing rate /Key rate/ of the Bank of Russia for today, i.е. from December 17, 2018, is - 7.75%. The next Board of Directors of the Bank of Russia, held on March 22, 2019, decided to keep the key rate at 7.75% per annum. This key rate (7.75%) will remain in effect until April 26, 2019.
And since after December 31, 2015 the value of the refinancing rate corresponds to the key rate and is not set separately by the Bank of Russia, starting from December 17, 2018, the refinancing rate is also 7.75%.
In February-March 2019, inflation is slightly below the Bank of Russia's expectations. Despite the fact that the inflation expectations of households and enterprises decreased noticeably in February-March, they remain at an elevated level. The contribution of the VAT increase to the annual growth rate of consumer prices was largely realized. However, delayed effects may appear in the coming months. Short-term pro-inflationary risks have declined. With this in mind, the Bank of Russia lowered its forecast for annual inflation at the end of 2019 from 5.0–5.5% to 4.7–5.2% and forecasts its return to 4% in the first half of 2020.
The previous key rate of the Bank of Russia was valid from September 17, 2018 to December 16, 2018 and amounted to 7.50%, i.e. its duration was three months.
The previous unofficial refinancing rate was also valid from September 17, 2018 to December 16, 2018 and corresponded to the key rate of this period (7.50% per annum).
Last officially established The Bank of Russia refinancing rate was valid 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, as set out in Bank of Russia Directive No. 3894-U dated December 11, 2015 “On the Bank of Russia refinancing rate and the key rate of the Bank of Russia”).
A from January 1, 2016, even the reference sounding of the refinancing rate by the Bank of Russia is no longer performed.
The refinancing rate of the Central Bank of the Russian Federation for April 2019
On March 22, 2019, the Board of Directors of the Bank of Russia decided to keep the key rate at 7.75% per annum. The refinancing rate (unofficial) was also kept at the level of 7.75% per annum.When deciding to keep the key/refinance rate at 7.75%, the Board of Directors of the Bank of Russia proceeded from the following:
Dynamics of inflation. Annual inflation in February-March 2019 is below the expectations of the Bank of Russia. In February, the annual growth rate of consumer prices increased to 5.2% (from 5.0% in January 2019). As of March 18, annual inflation was 5.3%. The pass-through of the VAT increase into prices has largely materialized. Its contribution to annual inflation amounted to about 0.6–0.7 percentage points, which corresponds to the lower limit of the Bank of Russia's expectations. Separate deferred effects of the VAT increase may emerge in the coming months. The full impact of VAT on inflation can be assessed in the second quarter of this year.A significant role in the increase in inflation in February was played by an increase in the growth rate of food prices to 5.9% (from 5.5% in January 2019). The acceleration of food inflation is largely of a recovery nature after its significant decline in the second half of 2017 - the first half of 2018. Accordingly, the effect of the low food price base makes a significant contribution to the annual growth rate of the consumer price index. Prices for non-food products and services over the past 12 months have increased to a lesser extent than in the food market. The acceleration of annual inflation was limited by the dynamics of consumer demand and income, the strengthening of the ruble, and the decline in prices for the main types of motor fuel and certain food products in February compared to January. Inflation was also moderated by the Bank of Russia’s pre-emptive decisions to raise the key rate in September and December 2018.
Despite the fact that the inflation expectations of households and enterprises decreased noticeably in February-March, they remain at an elevated level.
According to the forecast of the Bank of Russia, the local peak of annual inflation will be passed in March-April 2019. At the same time, the Bank of Russia lowered its annual inflation forecast for the end of 2019 from 5.0–5.5% to 4.7–5.2%. Annual quarterly consumer price growth will slow to 4% in the second half of 2019. Annual inflation will return to 4% in the first half of 2020, when the effects of the ruble weakening in 2018 and the VAT increase will wear off.
Monetary conditions. Monetary conditions have not changed significantly since the beginning of this year. The dynamics of interest rates in various segments of the domestic financial market was multidirectional. OFZ yields declined amid an improvement in the situation on global financial markets and a revision by market participants of expectations on the path of the key rate of the Bank of Russia in the future. Deposit rates rose slightly, lending rates stabilized. At the same time, the dynamics of OFZ yields limits the potential for further growth in deposit and lending rates and creates conditions for their reduction in the future. Maintaining positive real interest rates on deposits and bonds will support the attractiveness of savings and balanced consumption growth.
Economic activity. The economy is near potential. The dynamics of consumer demand and the situation on the labor market do not create excessive inflationary pressure. In January-February, the annual growth rate of industrial production was at the level of the fourth quarter of last year. The growth of investment activity remains restrained. The annual growth rate of retail trade turnover decreased in January-February due to the increase in VAT and the slowdown in wage growth, which is in line with the forecast of the Bank of Russia.
The Bank of Russia maintains its GDP growth rate forecast at 1.2–1.7% in 2019. The VAT increase has a slight dampening effect on business activity. Additional budgetary funds received already in 2019 will be used to increase government spending, including investment ones. In subsequent years, it is possible to increase the rate of economic growth as national projects are implemented.
inflation risks. Short-term pro-inflationary risks have declined. In terms of domestic conditions, the risks of spillovers from the VAT increase and increased prices for certain food products have decreased. In terms of external conditions, the revision of the interest rate path of the US Federal Reserve and other advanced market central banks reduces the risks of sustained capital outflows from emerging markets.
At the same time, 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. Despite the rise in oil prices since the beginning of this year, the risks of supply exceeding demand in the oil market in 2019 remain elevated.
Raised and unanchored inflation expectations also remain a significant risk.
The assessment by the Bank of Russia of the risks associated with the dynamics of wages, 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 the 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 a reduction in the key rate in 2019.
The next meeting of the Board of Directors of the Bank of Russia, which will consider the issue of the key rate level, is scheduled for April 26, 2019. Time of publication of the press release on the decision of the Board of Directors of the Bank of Russia - 13:30 Moscow time.
Dynamics of the refinancing rate of the Bank of Russia from 1992 to 2015. And further...
The material analyzes the dynamics of the refinancing rate over the past 20 years - starting from January 01, 1992. Most high rate refinancing, which was established by the Central Bank of the Russian Federation in the period from October 15, 1993 to April 28, 1994 and amounted to 210%. Over the course of 10 years, the rate of change in the refinancing rate of the Central Bank 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 was constantly growing, and especially often after the start of the global financial crisis. In 2008, the refinancing rate changed 6 times, despite the fact that almost all central banks of the world's leading countries revised their 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 of November 28, 2008 No. 2135-U "On the size 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 during 2009 changed 10 times, and all downwards. 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. Installed by the regulator so low rate refinancing was aimed at stimulating the lending activity of banks, as well as at curbing inflationary processes.
In 2010, the refinancing rate of the Central Bank 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 valid from June 01, 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 refinancing rate of the Bank of Russia for the year. During the year, the rate was reviewed three times. Inflation in Russia in 2011 amounted to 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 Bank of Russia changed the refinancing rate only once - from September 14 upwards 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 refinancing rate of the Bank of Russia remained unchanged at 8.25%. And from September 13 this year, the refinancing rate began to play a secondary role and the Bank of Russia is given 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 to adjust it to the level of the key rate was to continue. In fact, from January to December 2014, the refinancing rate did not change, and due to the sharp rise 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%, as was 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, the independent value of the refinancing rate is not set and the dynamics is not fixed. The key rate during 2016 changed twice (up to 10.5% and up 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 the level of 9.75% , from 05/02/2017 decreased to the level of 9.25%, from 06/19/2017 - 9.00%, from 09/18/2017 to 8.50%, from 10/30/2017 to 8.25%, and from 18.12. 2017 to 7.75%).
At the beginning of 2018, the Bank of Russia kept the key rate at 7.75% per annum, from February 12, 2018 it was reduced to 7.50%, from March 26, 2018 it was reduced to 7.25%, and from September 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 - April 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.
| Validity period 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 setting date | Bank of Russia Ordinance No. 3894-U, dated December 11, 2015, “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 | Bank of Russia Directive No. 2873-U dated September 13, 2012 |
| December 26, 2011 - September 13, 2012 | 8,00 | Bank of Russia Directive No. 2758-U dated December 23, 2011 |
| May 3, 2011 - December 25, 2011 | 8,25 | Bank of Russia Directive No. 2618-U dated April 29, 2011 |
| February 28, 2011 - May 2, 2011 | 8,00 | Bank of Russia Directive No. 2583-U dated February 25, 2011 |
| June 01, 2010 - February 27, 2011 | 7,75 | Bank of Russia Directive No. 2450-U dated May 31, 2010 |
| April 30, 2010 - May 31, 2010 | 8,00 | Bank of Russia Directive No. 2439-U dated April 29, 2010 |
| March 29, 2010 - April 29, 2010 | 8,25 | Bank of Russia Directive No. 2415-U dated March 26, 2010 |
| February 24, 2010 - March 28, 2010 | 8,50 | Bank of Russia Directive No. 2399-U dated February 19, 2010 |
| December 28, 2009 - February 23, 2010 | 8,75 | Bank of Russia Directive No. 2369-U dated December 25, 2009 |
| November 25 - December 27, 2009 | 9,0 | Bank of Russia Directive No. 2336-U dated November 24, 2009 |
| October 30, 2009 - November 24, 2009 | 9,50 | Bank of Russia Directive No. 2313-U dated October 29, 2009 |
| September 30, 2009 – October 29, 2009 | 10,00 | Instruction of the Bank of Russia dated September 29, 2009 No. 2299-U |
| September 15, 2009 – September 29, 2009 | 10,50 | Instruction of the Bank of Russia dated September 14, 2009 No. 2287-U |
| August 10, 2009–September 14, 2009 | 10,75 | Instruction of the Central Bank of the Russian Federation dated 07.08.2009 No. 2270-U |
| July 13, 2009 - August 9, 2009 | 11,0 | Instruction 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 04.06.2009 No. 2247-U |
| May 14, 2009 - June 4, 2009 | 12,0 | Instruction of the Central Bank of the Russian Federation dated May 13, 2009 No. 2230-U |
| April 24, 2009 - May 13, 2009 | 12,5 | Instruction of the Central Bank of the Russian Federation dated April 23, 2009 No. 2222-U |
| December 1, 2008 - April 23, 2009 | 13,00 | Instruction of the Central Bank of the Russian Federation dated November 28, 2008 No. 2135-U |
| November 12, 2008 - November 30, 2008 | 12,00 | Instruction of the Central Bank of the Russian Federation dated November 11, 2008 No. 2123-U |
| July 14, 2008 - November 11, 2008 | 11,00 | Instruction of the Central Bank of the Russian Federation dated July 11, 2008 No. 2037-U |
| June 10, 2008 - July 13, 2008 | 10,75 | Instruction of the Central Bank of the Russian Federation dated 09.06.2008 No. 2022-U |
| April 29, 2008 - June 9, 2008 | 10,5 | Instruction of the Central Bank of the Russian Federation dated April 28, 2008 No. 1997-U |
| February 04, 2008 - April 28, 2008 | 10,25 | Instruction 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 of 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 of October 20, 2006 No. 1734-U |
| June 26, 2006 - October 22, 2006 | 11,5 | Telegram of the Central Bank of the Russian Federation of June 23, 2006 No. 1696-U |
| December 26, 2005 - June 25, 2006 | 12 | Telegram of the Central Bank of the Russian Federation of December 23, 2005 No. 1643-U |
| June 15, 2004 - December 25, 2005 | 13 | Telegram of the Central Bank of the Russian Federation of 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 of June 20, 2003 No. 1296-U |
| February 17, 2003 - June 20, 2003 | 18 | Telegram of the Central Bank of the Russian Federation of February 14, 2003 No. 1250-U |
| August 7, 2002 - February 16, 2003 | 21 | Telegram of the Central Bank of the Russian Federation dated 08/06/2002 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 of March 20, 2000 No. 757-U |
| March 7, 2000 - March 20, 2000 | 38 | Telegram of the Central Bank of the Russian Federation of 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 09.06.99 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 of June 26, 1998 No. 268-U |
| June 5, 1998 - June 28, 1998 | 60 | Telegram of the Central Bank of the Russian Federation dated 04.06.98 No. 252-U |
| May 27, 1998 - June 4, 1998 | 150 | Telegram of the Central Bank of the Russian Federation of May 27, 1998 No. 241-U |
| May 19, 1998 – May 26, 1998 | 50 | Telegram of the Central Bank of the Russian Federation of May 18, 1998 No. 234-U |
| March 16, 1998 - May 18, 1998 | 30 | Telegram of the Central Bank of the Russian Federation of March 13, 1998 No. 185-U |
| March 2, 1998 – March 15, 1998 | 36 | Telegram of the Central Bank of the Russian Federation of 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 30.01.98 No. 154-U |
| November 11, 1997 - February 1, 1998 | 28 | Telegram of the Central Bank of the Russian Federation of 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 13.06.97 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 February 7, 1997 No. 9-97 |
| December 2, 1996 – February 9, 1997 | 48 | Telegram of the Central Bank of the Russian Federation of November 29, 1996 No. 142-96 |
| October 21, 1996 - December 1, 1996 | 60 | Telegram of the Central Bank of the Russian Federation of October 18, 1996 No. 129-96 |
| August 19, 1996 - October 20, 1996 | 80 | Telegram of the Central Bank of the Russian Federation dated 16.08.96 No. 109-96 |
| July 24, 1996 - August 18, 1996 | 110 | Telegram of the Central Bank of the Russian Federation of July 23, 1996 No. 107-96 |
| February 10, 1996 - July 23, 1996 | 120 | Telegram of the Central Bank of the Russian Federation dated February 9, 1996 No. 18-96 |
| December 1, 1995 - February 9, 1996 | 160 | Telegram of the Central Bank of the Russian Federation of November 29, 1995 No. 131-95 |
| October 24, 1995 - November 30, 1995 | 170 | Telegram of the Central Bank of the Russian Federation of October 23, 1995 No. 111-95 |
| June 19, 1995 - October 23, 1995 | 180 | Telegram of the Central Bank of the Russian Federation dated 16.06.95 No. 75-95 |
| May 16, 1995 - June 18, 1995 | 195 | Telegram of the Central Bank of the Russian Federation of May 15, 1995 No. 64-95 |
| January 6, 1995 - May 15, 1995 | 200 | Telegram of the Central Bank of the Russian Federation dated 05.01.95 No. 3-95 |
| November 17, 1994 – January 5, 1995 | 180 | Telegram of the Central Bank of the Russian Federation of November 16, 1994 No. 199-94 |
| October 12, 1994 - November 16, 1994 | 170 | Telegram of the Central Bank of the Russian Federation of October 11, 1994 No. 192-94 |
| August 23, 1994 - October 11, 1994 | 130 | Telegram of the Central Bank of the Russian Federation dated 22.08.94 No. 165-94 |
| August 1, 1994 – August 22, 1994 | 150 | Telegram of the Central Bank of the Russian Federation of July 29, 1994 No. 156-94 |
| June 30, 1994 - July 31, 1994 | 155 | Telegram of the Central Bank of the Russian Federation of June 29, 1994 No. 144-94 |
| June 22, 1994 - June 29, 1994 | 170 | Telegram of the Central Bank of the Russian Federation of 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 of May 16, 1994 No. 121-94 |
| April 29, 1994 – May 16, 1994 | 205 | Telegram of the Central Bank of the Russian Federation of April 28, 1994 No. 115-94 |
| October 15, 1993 - April 28, 1994 | 210 | Telegram of the Central Bank of the Russian Federation of October 14, 1993 No. 213-93 |
| September 23, 1993 - October 14, 1993 | 180 | Telegram of the Central Bank of the Russian Federation of September 22, 1993 No. 200-93 |
| July 15, 1993 - September 22, 1993 | 170 | Telegram of the Central Bank of the Russian Federation of July 14, 1993 No. 123-93 |
| June 29, 1993 - July 14, 1993 | 140 | Telegram of the Central Bank of the Russian Federation of June 28, 1993 No. 111-93 |
| June 22, 1993 - June 28, 1993 | 120 | Telegram of the Central Bank of the Russian Federation of 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 of March 29, 1993 No. 52-93 |
| May 23, 1992 – March 29, 1993 | 80 | Telegram of the Central Bank of the Russian Federation of May 22, 1992 No. 01-156 |
| April 10, 1992 - May 22, 1992 | 50 | Telegram of the Central Bank of the Russian Federation dated 10.04.92 No. 84-92 |
| January 1, 1992 – April 9, 1992 | 20 | Telegram of the Central Bank of the Russian Federation of December 29, 1991 No. 216-91 |
* The value of the refinancing rate of the Bank of Russia from 01/01/2016 is equated to the value of the key rate of the Bank of Russia on the corresponding date. From 01.01.2016, the independent value of the refinancing rate is not set.
Dynamics of the Key Rate of the Bank of Russia for the period 2017 - 2019 looks like this:
The dynamics of the key rate since its introduction (since September 13, 2013) and the history of its introduction can be viewed
The key rate / Refinancing rate / for today (from 12/17/2018 to 04/26/2019) is 7.75%.
Decisions taken by the Bank of Russia on the refinancing rate
Decision to improve the system of tools monetary policy The Board of Directors of the Bank of Russia adopted on September 13, 2013. Based on this decision, the key rate began to play the main role in the bank's policy, while 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.
From 01.01.2016 the refinancing rate on the website Central Russia The Russian Federation is not even 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 jointly 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 key rate of the Bank of Russia, determined on the corresponding date, and then its independent value is not set. In the future, the change in the refinancing rate will occur simultaneously with the 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 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).
The refinancing rate of the Central Bank of the Russian Federation for 2019 is the percentage at which the Central Bank gives loans to commercial banks. Also, the rate is mentioned in the laws in order to calculate penalties and fines for non-fulfillment of various monetary obligations. The article provides current values and application examples.
The 2019 Central Bank refinancing rate is important information not only for banking sector and entrepreneurs, business entities. Understanding this term is necessary for the analysis economic situation, methods of state influence on credit policy and inflation processes.
Although since 2016 it has lost its independent meaning and has been equated with the key rate (KC), the term is used very often in legislation. So, to calculate fines and penalties for non-fulfillment of various financial obligations, the Central Bank refinancing rate is required today.
History of the term and meaning for economics
This is not the first time that the refinancing rate for 2019 has been set. In addition, its value is changed by the Central Bank not in accordance with a specific schedule, but depending on specific economic circumstances. Thus, the refinancing rates of the Central Bank of the Russian Federation for 2019 cannot be reflected in the table by months. This term was first used back in 1992, and by a separate instruction of the Bank of Russia of the Central Bank of the Russian Federation (Central Bank of the Russian Federation or the Central Bank) dated December 11, 2015, as already mentioned, it was equated to the COP.
So what is the refinancing rate of the Central Bank of the Russian Federation for 2019? This annual interest under which the Central Bank issues loans to commercial credit institutions and banks, and the CV, in turn, is the percentage of the Central Bank for a shorter period (one week). Also, it is for her that the Central Bank accepts deposits from banks for the same period.
Since commercial banks, when setting loan rates for the population, are forced to focus on the CA (it cannot be less, it would be unprofitable, because banks conduct this activity in order to make a profit), a decrease or increase in the CA affects credit policy and inflationary processes in the state . Thus, the increase in the refinancing rate in 2018 is officially explained by an increase in inflation.
The mechanism is as follows: in order to reduce inflation, the Central Bank of the Russian Federation raises the level of CA, commercial banks raise interest on loans for the population, they become less accessible to a wide range of customers. This leads to a decrease in the purchasing power of citizens and a decrease in pressure on the ruble.
Actual values
The key refinancing rate of the Central Bank of the Russian Federation for today (2019) is set at 7.75% (the last increase took place on 12/14/2018). Here are examples from the last two years.
|
Moment of establishment |
Percent value |
| From 17.09.2018 | 7,5 |
| From 12/14/2018 | 7,75 |
Where is it used and how
|
Rule of law |
Calculation procedure (CP is taken at its current value unless otherwise noted) |
Value (as a percentage of the amount of the monetary obligation) |
|
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Penalty in case untimely transfer taxes and fees. |
In the event of a delay for individuals and legal entities before 10/01/2017 - 1/300 for each day of default from the amount of the debt. |
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If a debt arises after 10/01/2017, the same rules apply to individuals. |
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If a debt arises after 01.10.2017 for legal entities:
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Sanctions (forfeit or fine) for non-fulfillment or violation of the fulfillment of monetary obligations, if the parties have not agreed on a specific amount separately. |
1/360 for each day. |
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Penalties for violation of payment for a residential property or utilities. |
1/300 CP, established on the day of payment after the fact, for each day of delay, starting from the 31st day following the day of payment, for the debt formed during the first three months (90 days) of delay. Starting from the 91st day, 1/130 of the SR established on the day of payment after the fact. |
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Penalties for delayed wages, vacation pay and other payments to the employee, established for the employer. |
Not less than 1/150 for each day. |
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Penalties of the developer in case of violation of the deadline for the transfer of a residential facility to a participant shared construction. |
1/300 SR, established on the day of fulfillment of the obligation, for each day of delay. In the event that a participant in shared construction is an individual, - 1/150. |
How to calculate by example
The calculator for calculating penalties is available on the PPT website, on the page. Self-calculation also does not present any particular difficulties.
For example, the amount of debt is 20,000 rubles, and 10 days have passed from the day when the obligation was to be fulfilled.
20,000 × 0.0258% × 10 = 48.4 rubles - for calculation by 1/300.
20,000 × 0.0516% × 10 = 96.6 rubles - for calculation by 1/150.
Thus, the following general formula can be derived:
Amount of debt × CP / 300 (value as a percentage of the debt) × number of days of delay in performance.