The key rate of the Central Bank of the Russian Federation for today is identical to the refinancing rate. These concepts have been merged by the Bank of Russia since 2016 (Instruction No. 3894-U, dated December 11, 2015). The purpose of the key rate is that it denotes the minimum level of interest set for loans that the Central Bank issues to commercial financial and credit institutions. Additionally, this indicator fixes the maximum limit on the profitability of deposits that are opened by the Central Bank for banking organizations.
The key rate of the Central Bank of the Russian Federation for today (2018): why is it needed and what does it affect
For enterprises and individual entrepreneurs, the size of the key rate is important when determining the amount of penalties for late payment of taxes (Article 75 of the Tax Code of the Russian Federation). The tax law establishes a fine for each day in proportion to the refinancing rate. The rule applies both to enterprises of all forms of ownership and activities, and to individuals. The value of the penalty can be calculated by the tax authority or by the business entity itself.
What influences the size of the key rate:
- with its help, the Central Bank can implement regulatory activities in the financial services market;
- it helps control the rate of inflation;
- this percentage acts as a starting point in the calculation of penalties by tax authorities or compensation for late payment of income to hired personnel;
- commercial credit organizations set rates for loan and deposit programs taking into account the current key rate (the interest on a loan in a commercial bank always exceeds the rate of the Central Bank of the Russian Federation).
Lowering the rate provokes an increase in the amount of money in circulation. Following the adjustment of the base interest, commercial banks begin to lower their lending rates. This action can create conditions for increased activity in the domestic consumption market and for the activation of industrial production. The negative side of this step is the growth of inflation.
With an increase in the key rate, loan products become less profitable for both the population and businesses. Periods with a high level of the key rate are characterized by a slowdown in economic growth. The positive side is the increased interest in deposits.
The key rate of the Central Bank of the Russian Federation in 2018: table
Up-to-date data on the value of the key rate can be found on the website of the Central Bank of Russia. Since 2016, this indicator has only been adjusted downwards - if in September 2016 it was at the level of 10%, now its value is 7.25%. Changes in the rate levels are within the sphere of influence of the Central Bank of Russia:
- a proposal to raise or lower the key rate is submitted for discussion by the Board of Directors of the Central Bank of the Russian Federation by convening a special meeting;
- during the meeting, the economic indicators of the development of the country and individual industries are considered, the possible consequences of adjustments are analyzed and a predictive assessment of financial risks is given;
- the outcome of the discussion may be the adoption of the proposed option or a decision to maintain the current limit.
The frequency of meetings is 1 time every 6 weeks. The rate of the Central Bank of the Russian Federation for today (2018) is 7.25% (per annum), it was lower only in 2013 - early 2014. The last percentage adjustment occurred on March 26 of the current year. The table provides information about the current discount rate of the Central Bank of the Russian Federation for today (2018) and how it has changed in dynamics since the date of introduction.
| No. p / p | Rate start date | Interest value (annual) | Date of the meeting of the Board of Directors and publication of the document fixing the new value of the key rate (information from the Bank of Russia) |
|---|---|---|---|
| 1 | 2013 (since September 13) | 5,5 | 13.09.2013 |
| 2 | 2014 (since March 3) | 7 | 03.03.2014 |
| 3 | 2014 (since April 28) | 7,5 | 25.04.2014 |
| 4 | 2014 (since July 28) | 8 | 25.07.2014 |
| 5 | 2014 (since November 5) | 9,5 | 31.10.2014 |
| 6 | 2014 (since December 12) | 10,5 | 11.12.2014 |
| 7 | 2014 (since December 16) | 17 | 16.12.2014 |
| 8 | 2015 (since February 2) | 15 | 30.01.2015 |
| 9 | 2015 (since March 16) | 14 | 13.03.2015 |
| 10 | 2015 (since May 5) | 12,5 | 30.04.2015 |
| 11 | 2015 (since June 16) | 11,5 | 15.06.2015 |
| 12 | 2015 (since August 3) | 11 | 31.07.2015 |
| 13 | 2016 (since June 14) | 10,5 | 10.06.2016 |
| 14 | 2016 (since September 19) | 10 | 16.09.2016 |
| 15 | 2017 (since March 27) | 9,75 | 24.03.2017 |
| 16 | 2017 (since May 2) | 9,25 | 28.04.2017 |
| 17 | 2017 (since June 19) | 9 | 16.06.2017 |
| 18 | 2017 (since September 18) | 8,5 | 15.09.2017 |
| 19 | 2017 (from October 30) | 8,25 | 27.10.2017 |
| 20 | 2017 (since December 18) | 7,75 | 15.12.2017 |
| 21 | 2018 (since February 12) | 7,5 | 09.02.2018 |
| 22 | 2018 (since March 26) | 7,25 | 23.03.2018 |
| 23 | 2018 (since September 17) | 7,5 | 4.09.2018 |
| 24 | 2018 (since December 17) | 7,75 | 14.12.2018 |
On June 15, 2018, the Board of Directors considered the current inflation rates and other indicators of the economic situation in the country, on the basis of which the (key) rate of the Central Bank of the Russian Federation was kept within 7.25% for today.
Here is an example of how an accountant can use data on the size of the key rate - the calculation of penalties:
- the company overdue tax payment in the amount of 122,560 rubles;
- the delay period was 5 calendar days.
The percentage of penalties for legal entities is calculated as 1/300 of the key rate on the date of the offense for the first 30 days of delay, from 31 days 1/150 of the rate is applied (clause 4 of article 75 of the Tax Code of the Russian Federation). The final calculation will look like:
(122,560 x 7.25% / 300) x 5 = 148.09 rubles.
The concept of a rerate is familiar to many as a value used when calculating fines or penalties, granting tax deferrals, calculating personal income tax from maturities, etc. At the same time, this is one of the main instruments of the state in its monetary policy, established by the Central Bank. Let's consider whether the refinancing rate is valid in Russia in 2018, what percentage it is and how it affects the economy.
Ref or key rate?
The annual percentage that ordinary banks must pay to the Central Bank when they take loans from it is called the refinancing rate. At the same time, there is a key rate introduced in Russia since September 2013, which is the minimum interest rate at which banks receive weekly loans from the Central Bank of the Russian Federation, it is also the maximum rate on deposits accepted by the Central Bank from commercial banks.
Since 2016, the concept of "refinancing rate of the Central Bank of the Russian Federation" has actually come to mean the key rate. These indicators were equalized by the Central Bank of the Russian Federation in 2016, while earlier their values were set independently of each other (Instruction of the Central Bank of the Russian Federation of December 11, 2015 No. 3894-U). Thus, the Central Bank refinancing rate for 2018 is not accepted separately, but in everyday life this term continues to be used, implying the key rate, so we will use it.
Refinancing rate in 2018
When the government raises the refrigerant rate, bank interest on loans and deposits also grows, because commercial banks cannot set their interest below what they have to pay to the Central Bank, and taking into account their own costs, their interest will always be higher. At the same time, citizens prefer to save their money, take out less loans, and commodity demand, prices and inflation are reduced. With a decrease in the re-rate, the opposite process is observed: credit and deposit interest decreases, loans become more affordable, the level of demand, prices and inflation in the country increases.
The next revision of the refinancing rate in 2018 took place quite recently - on March 23. The rate was lowered again and now stands at 7.25% per annum, and it should be applied from 03/26/2018.
What to expect from the downgrade? It is obvious that rates on bank loans are also going down, therefore, people have more money, demand is growing, and prices are steadily rising along with it.
How the refinancing rate has changed in 2016-2018
In 2018, this is the second change in the re-rate. The Central Bank seeks to gradually reduce it, since a sharp change in the indicator may result in an equally sharp depreciation of the ruble due to "cheap" loans. A gradual approach helps keep demand, and hence inflation, at an acceptable level.
Key rate (refinancing rate) in 2017-2018 table:
|
Validity |
Meaning, % |
|
12.02.18 – 25.03.18 |
|
|
18.12.17 – 11.02.18 |
|
|
30.10.17 – 17.12.17 |
|
|
18.09.17 – 29.10.17 |
|
|
19.06.17 – 17.09.17 |
|
|
02.05.17 – 18.06.17 |
|
|
27.03.17 – 01.05.17 |
|
|
19.09.16 – 26.03.17 |
|
|
14.06.16 – 18.09.16 |
The table clearly demonstrates the ongoing dynamics of the reduction in the refinancing rate in February-March 2018. It will definitely remain at 7.25% until April 27, 2018 - it is on this date that the next meeting of the Board of Directors of the Central Bank of the Russian Federation is scheduled, where the issue of its future level will be decided .
Refinancing rate forecast for 2018
According to the Bank of Russia, annual inflation remains at a consistently low level today (2.2% in February 2018), which may persist in the first half of the year, and by 2019 will not exceed 4%. Monetary conditions continue to soften, and the most likely trend is to further reduce the key rate (refinancing rate) of the Bank of Russia in 2018 in order to switch to a neutral monetary policy by the end of the year. Analysts are talking about at least one more possible reduction in the refinancing rate of the Central Bank of the Russian Federation in 2018 under such conditions by the end of the year in the range of 6-6.5%, but not more than 7%.
Let us know what the score is refinancing rates in 2017 why you need to have this information and when to apply it in practice.
Main
Other name refinancing rates of the Central Bank of the Russian Federation- discount rate. It is measured in percentage. This indicator is set by the Central Bank. It is also the Bank of Russia.
It is one of the key factors in the economic environment. Its main goal is to show how much it costs for an ordinary bank to get a loan in the main bank of the country. But not only. It is also actively used for tax purposes, as well as for calculating sanctions against both controllers and payers - penalties at the refinancing rate and fines. It is directly related to the delay in the return of mandatory payments. Therefore, each accountant must operate with the most accurate and up-to-date data on its value.
Sometimes the refinancing rate serves as a guideline for interest for deferral or installment payment of tax (clause 4, article 64 of the Tax Code of the Russian Federation). In addition, on its basis, interest on the investment tax credit is calculated.
It should be noted that some time ago, the Central Bank of the Russian Federation introduced into circulation a similar indicator - the key rate, which confused and confused many practitioners. Particular difficulties arose when it was necessary to find out the amount of interest on controlled debt, which made it possible to reduce income tax. There were reasonable doubts about which rate to focus on - the key or refinancing. This was not clear from the text of the relevant rules of the Tax Code.
But recently, all doubts have been dispelled. The fact is that since 2016, these two indicators have been unified. The following approach has been chosen: from 01/01/2016 the refinancing rate is equated to the key rate on a specific date. Since that time, the Central Bank of the Russian Federation has not separately determined the percentage of the refinancing rate. Simply put, they will change at the same time.
Size in current year
At the time of this writing refinancing rate in 2016 took on two meanings. So, since the beginning of the year it was 11 percent. Since June 14, it has been slightly reduced - to 10.5 percent. On September 16, 2016, the Central Bank of the Russian Federation, following the meeting, lowered the rate to 10 percent. Cm. " ". Such calculation of the refinancing rate for today. 2016 year shows an encouraging trend.
From an economic point of view, this decline means a positive trend. First of all, due to a decrease in the rate of price growth.
We also note that in the 1st-2nd quarter of 2017, the leadership of the Central Bank of the Russian Federation plans to again raise the issue of reducing official refinancing rate. But it is not certain that there will actually be adjustments.
In general, it is interesting to follow the dynamics refinancing rates by years. This very clearly shows what is happening with the economy of our country. For what - see the refinancing rates in the table (including indicators of the refinancing rate in 2017).
| From what date is it valid | Bet size |
| 24.03.2017 | 9,75 |
| 16.09.2016 | 10 |
| 14.06.2016 | 10,5 |
| 01.01.2016 | 11 |
| 14.09.2012 | 8,25 |
| 26.12.2011 | 8 |
| 03.05.2011 | 8,25 |
| 28.02.2011 | 8 |
| 01.06.2010 | 7,75 |
| 30.04.2010 | 8 |
| 29.03.2010 | 8,25 |
| 24.02.2010 | 8,5 |
| 28.12.2009 | 8,75 |
| 25.11.2009 | 9 |
| 30.10.2009 | 9,5 |
| 30.09.2009 | 10 |
| 15.09.2009 | 10,5 |
| 10.08.2009 | 10,75 |
| 13.07.2009 | 11 |
| 05.06.2009 | 11,5 |
| 14.05.2009 | 12 |
| 24.04.2009 | 12,5 |
| 01.12.2008 | 13 |
| 12.11.2008 | 12 |
| 14.07.2008 | 11,0 |
| 10.06.2008 | 10,75 |
| 29.04.2008 | 10,5 |
| 04.02.2008 | 10,25 |
| 19.06.2007 | 10 |
| 29.01.2007 | 10,5 |
| 23.10.2006 | 11,0 |
| 26.06.2006 | 11,5 |
| 26.12.2005 | 12 |
| 15.06.2004 | 13 |
| 15.01.2004 | 14 |
| 21.06.2003 | 16 |
| 17.02.2003 | 18 |
| 07.08.2002 | 21 |
| 09.04.2002 | 23 |
| 04.11.2000 | 25 |
| 10.07.2000 | 28 |
| 21.03.2000 | 33 |
| 07.03.2000 | 38 |
| 24.01.2000 | 45 |
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 refinancing rate of the Central Bank of 2019 is important information not only for the banking sector and entrepreneurs and business entities. Understanding this term is necessary to analyze the economic situation, methods of state influence on credit policy and inflationary 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 is the annual percentage at which the Central Bank issues loans to commercial credit organizations and banks, and the CA, 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) |
|
|
Penalty in case of late transfer of 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. |
||
|
If a debt arises after 10/01/2017, the same rules apply to individuals. |
|||
|
If a debt arises after 01.10.2017 for legal entities:
|
|||
|
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. |
||
|
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. |
||
|
Penalties for delayed wages, vacation pay and other payments to the employee, established for the employer. |
Not less than 1/150 for each day. |
||
|
Penalties of the developer in case of violation of the deadline for the transfer of a residential facility to a participant in 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.
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 April 26, 2019, decided to keep the key rate at 7.75% per annum. This rate (7.75%) will remain in effect until June 14, 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%.
The Bank of Russia notes that annual inflation passed a local peak in March and began to slow down in April. At the same time, the current growth rates of consumer prices are somewhat lower than the forecast of the Bank of Russia. In April, inflationary expectations of the population slightly increased 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 declined. The decisions of the Bank of Russia to raise the key rate in September and December 2018 were sufficient to limit the effects of one-off pro-inflationary factors. According to the forecast of the Bank of Russia, annual inflation will 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”).
BUT from January 1, 2016, even the reference sounding of the refinancing rate by the Bank of Russia is no longer performed.
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 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 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 rates of consumer prices are somewhat lower than the forecast of the Bank of Russia. The pass-through of the VAT increase to prices is largely complete.Preemptive decisions by the Bank of Russia to raise the key rate in September and December 2018 contributed to the return of monthly consumer price growth rates to levels close to 4% in annual terms. The dynamics of consumer demand has 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 the current year, the decline in prices for the main types of motor fuel and certain food products in March-April compared to February.
In April, inflationary expectations of the population increased slightly after their noticeable decline in March. Price expectations of enterprises continued to decline, but remain at an elevated level.
According to the forecast of the Bank of Russia, annual inflation will return to 4% in the first half of 2020.
Monetary conditions. Monetary conditions have not changed significantly since the previous meeting of the Board of Directors of the Bank of Russia. OFZ yields and deposit and lending rates remained near 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 lowering deposit and lending rates in the future.
economic activity. The revision by Rosstat of data on GDP dynamics in 2014-2018 does not change the view of the Bank of Russia on 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 somewhat lower than in the fourth quarter of last year. Investment activity remains restrained. The annual growth rate of retail trade turnover declined in the first quarter on the back of an increase in VAT and a slowdown in wage growth.
The Bank of Russia expects GDP growth of 1.2-1.7% in 2019. The VAT increase had 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 secondary effects of the VAT increase are assessed as insignificant, and the risks of accelerated growth in prices 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 world oil prices. At the same time, the revision of interest rate paths by the US Federal Reserve and central banks of other countries with developed markets that took place in the first quarter limits the risks of a steady capital outflow from countries with emerging markets.
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 June 14, 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. 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 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. Such a low refinancing rate set by the regulator 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 - 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.
| 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 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 06/14/2019) is 7.75%.
Decisions taken by the Bank of Russia on the refinancing rate
On September 13, 2013, the Board of Directors of the Bank of Russia adopted a decision to improve the system of monetary policy instruments. 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.
Since 01/01/2016, the refinancing rate on the website of the Central Russia of the Russian Federation is no longer 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 relevant date, and then its independent value is not set. 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 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).