Refinancing rate per year for calculating penalties. Refinancing rate of the Central Bank of the Russian Federation. When should a new refinancing rate be used in calculations?

From 01/01/2016, the value of the refinancing rate of the Central Bank of the Russian Federation is equal to the value of the key rate of the Bank of Russia on the corresponding date. From 01/01/2016 independent meaning refinancing rates are not set and are not shown on the Bank of Russia website.

And since after December 31, 2015, the refinancing rate corresponds to the key rate and is not set separately by the Bank of Russia, then starting from December 17, 2018, the refinancing rate is also 7.75%.

The Bank of Russia notes that in March annual inflation passed a local peak and began to slow down in April. At the same time, the current growth rate of consumer prices is slightly lower than the forecast of the Bank of Russia. In April, households' inflation expectations increased slightly after their noticeable decrease in March. Price expectations of enterprises continued to decline, but remain at an elevated level. Short-term pro-inflationary risks have decreased. The decisions of the Bank of Russia to increase the key rate in September and December 2018 were sufficient to limit the effects of one-time pro-inflationary factors. According to the Bank of Russia forecast, annual inflation will return to 4% in the first half of 2020.

The previous key rate of the Bank of Russia was in effect from September 17, 2018 to December 16, 2018 and was 7.50%, i.e. its validity period was three months.
The previous unofficial refinancing rate was also in effect from September 17, 2018 to December 16, 2018 and corresponded to the key rate for this period (7.50% per annum).

Last officially established The Bank of Russia refinancing rate was in effect from September 14, 2012 to December 31, 2015 and amounted to 8.25% per annum.

The transition to the key rate was made by the Board of Directors of the Bank of Russia, which is set out in the Directive of the Bank of Russia dated December 11, 2015 No. 3894-U “On the refinancing rate of the Bank of Russia and the key rate of the Bank of Russia”).

A from January 1, 2016, even the reference announcement of the refinancing rate by the Bank of Russia is no longer carried out.

Refinancing rate of the Central Bank of the Russian Federation for April-June 2019

When deciding to maintain the key rate/refinancing rate at 7.75%, the Board of Directors of the Bank of Russia proceeded from the following:

Inflation dynamics. Annual inflation passed a local peak in March. The annual growth rate of consumer prices in March increased to 5.3% (from 5.2% in February 2019). In April, annual inflation began to slow down and, according to estimates as of April 22, fell to 5.1%. At the same time, the current growth rate of consumer prices is slightly lower than the forecast of the Bank of Russia. The transfer of the VAT increase to prices is largely complete.

The proactive decisions of the Bank of Russia to increase the key rate in September and December 2018 contributed to the return of the monthly growth rate of consumer prices to levels close to 4% in annual terms. The dynamics of consumer demand have a restraining effect on inflation. In addition, temporary disinflationary factors also contributed to the slowdown in consumer price growth, including the strengthening of the ruble since the beginning of this year, a decrease in prices for main types of motor fuel and certain food products in March-April compared to February.

In April, households' inflation expectations increased slightly after their noticeable decline in March. Price expectations of enterprises continued to decline, but remain at an elevated level.

According to the Bank of Russia forecast, annual inflation will return to 4% in the first half of 2020.

Monetary conditions. Since the previous meeting of the Board of Directors of the Bank of Russia, monetary conditions have not changed significantly. OFZ yields and deposit-credit rates remained close to the levels of the end of March. At the same time, the decline in OFZ yields that has occurred since the beginning of this year creates conditions for a reduction in deposit and lending rates in the future.

Economic activity. The revision by Rosstat of data on GDP dynamics in 2014–2018 does not change the Bank of Russia’s view on Current state 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 industrial production was moderate and slightly lower than in the fourth quarter of last year. Investment activity remains subdued. Annual turnover growth rate retail decreased in the first quarter due to a VAT increase and slower growth wages.

The Bank of Russia expects GDP growth of 1.2–1.7% for 2019. The VAT increase had a slight restraining effect on business activity. Additional budget funds received in 2019 will be used to increase government spending, including investment ones. In subsequent years, the pace may increase economic growth as national projects are implemented.

Inflation risks. Short-term pro-inflationary risks have decreased. In terms of internal conditions, the risks of secondary effects from the VAT increase are assessed as insignificant; the risks of accelerated price increases for certain food products have decreased.

At the same time, elevated and unanchored inflation expectations remain significant risks, as well as external factors. In particular, risks of a slowdown in global economic growth remain. Geopolitical factors may lead to increased volatility in global commodity and financial markets and affect exchange rate and inflation expectations. Supply side factors in the oil market may increase the volatility of global oil prices. At the same time, the revision of trajectories that occurred in the first quarter interest rates The US Federal Reserve and other developed market central banks are limiting the risk of sustained capital outflows from emerging markets.

The Bank of Russia's assessment of risks associated with wage dynamics, possible changes in consumer behavior and budget expenditures has not changed significantly. These risks remain moderate.

The next meeting of the Board of Directors of the Bank of Russia, at which the issue of the level of the key rate will be considered, is scheduled for June 14, 2019. Time of publication of a press release on the decision of the Board of Directors of the Bank of Russia - 13:30 Moscow time.

Dynamics of the Bank of Russia refinancing rate from 1992 to 2015. And further...

The material analyzes the dynamics of the refinancing rate over the past 20 years - starting from January 1, 1992. The highest refinancing rate, which was set by the Central Bank of the Russian Federation in the period from October 15, 1993 to April 28, 1994, was 210%. Over the course of 10 years, the rate of change in the Central Bank's refinancing rate slowed down, that is, the refinancing rate became more stable. In the period from 1993 to 2000, the refinancing rate changed mainly during the year from 5 to 9 times. In the period from 2002 to 2007, the refinancing rate stabilized and changed during the year from 1 to 3 times, and only downward.

During 2008, the refinancing rate of the Central Bank of the Russian Federation constantly grew, and especially often after the start of the global financial crisis. In 2008, the refinancing rate changed 6 times, and this despite the fact that almost all central banks of the leading countries in the world revised rates downward. But despite the difficult financial period, Russia ended 2008 with a refinancing rate of 13.00%. (Instruction of the Central Bank of the Russian Federation dated November 28, 2008 No. 2135-U “On the amount of the refinancing rate of the Bank of Russia”) and an inflation rate of 13.3%, i.e. The Central Bank of the Russian Federation kept the situation under control.

The refinancing rate of the Central Bank of the Russian Federation changed 10 times during 2009, all downward. Russia ended 2009 with a Central Bank refinancing rate of 8.75% and inflation of 8.8% (Rosstat data), and these were the lowest figures since 1991, that is, in the entire history post-Soviet Russia. The low refinancing rate set by the regulator was aimed at stimulating the lending activity of banks, as well as curbing inflationary processes.

In 2010, the Central Bank's refinancing rate changed only 4 times, and only downward. 2010 also saw the lowest ever recorded Russian Federation refinancing rate of 7.75%, which was in effect from June 1, 2010 to February 27, 2011. Russia ended 2010 with a Central Bank refinancing rate of 7.75% and inflation of 8.8%.

Russia ended 2011 with a refinancing rate of 8.00%. This was the fourth value of the Bank of Russia refinancing rate for the year. During the year, the rate was revised three times. Inflation in the Russian Federation in 2011 was 6.1%, which is a historical minimum for the country.

2012 ended with a refinancing rate of 8.25% and inflation of 6.6%. During 2012, the refinancing rate was changed by the Bank of Russia only once - from September 14, upward by 0.25 points. During the previous eight months of 2012, the refinancing rate was 8.00%.

2013 in Russia ended with a refinancing rate of 8.25%, a key rate of 5.5%, and inflation of 6.5%. Throughout 2013, the Bank of Russia refinancing rate remained unchanged and amounted to 8.25%. And from September 13 of this year, the refinancing rate began to play a secondary role and is provided by the Bank of Russia for reference. According to the Bank of Russia project, by 2016 the refinancing rate will have to be equal in value to the key rate.

2014 ended with a refinancing rate of 8.25%, a key rate of 17% and inflation of 11.4%. During 2014, the policy of the Central Bank of the Russian Federation should have continued to adjust it to the level of the key rate. In fact, from January to December 2014, the refinancing rate did not change, and due to the sharp increase in the key rate at the end of the year, its change still looks unrealistic.

Throughout 2015, the refinancing rate did not change and the year ended with a refinancing rate of 8.25% and a key rate of 11.0%.

At the beginning of 2016, the refinancing rate was 11.00%, the same as the key rate, and subsequently the change in the refinancing rate occurred simultaneously with the change in the key rate of the Bank of Russia and by the same amount. From January 1, 2016, an independent value of the refinancing rate is not established and the dynamics are not recorded. The key rate changed twice during 2016 (to 10.5% and to 10.0%). At the end of 2016, the key rate was kept at 10.00%.

The key rate/refinancing rate for 2017 changed 6 times and all downward - from 10.11% to 7.75% (At the beginning of the year it was 10.0%, from March 27, 2017 it decreased to 9.75% , from 05/02/2017 decreased to 9.25%, from 06/19/2017 - 9.00%, from 09/18/2017 to 8.50%, from 10/30/2017 to 8.25%, and from 12/18. 2017 to 7.75%).

At the beginning of 2018, the Bank of Russia maintained the key rate at 7.75% per annum, from 02/12/2018 it was reduced to 7.50%, from 03/26/2018 it was reduced to 7.25%, and from 09/17/2018 it was increased to 7. 50% due to changes in external conditions. On December 17, 2018, the last rate change of that year was made to 7.75%, this is the 5th key rate /refinancing rate/ established during 2018.

For January - June 2019, the key rate of the Bank of Russia was 7.75% per annum.

Below are all the refinancing rates of the Central Bank of the Russian Federation, starting from 1992 and up to the day of the abolition of its independent official establishment and key rates for the last three years.

Dynamics of the Bank of Russia Key Rate for the period 2017 - 2019 looks like this:

The dynamics of the key rate since its introduction (from September 13, 2013) and the history of its introduction can be viewed

The key rate/refinancing rate/ for today (from December 17, 2018 to June 14, 2019) is 7.75%.

Decisions made by the Bank of Russia on the refinancing rate

The Board of Directors of the Bank of Russia made the decision to improve the system of monetary policy instruments on September 13, 2013. Based on this decision, the key rate began to play the main role in the bank’s policy, and the refinancing rate plays a secondary role and is given for reference. In addition, the Board of Directors of the Central Bank decided that in the period from September 13, 2013 to January 1, 2016, the refinancing rate will be adjusted to the level of the key rate.

Since 01/01/2016, the refinancing rate on the website of the Central Russia of the Russian Federation is no longer given for reference, since it now corresponds to the key rate.

The decision to adjust the refinancing rate was made on December 11, 2015 The Bank of Russia together with the Government, which provides for the following:

• from January 1, 2016, by decision of the Board of Directors of the Bank of Russia dated December 11, 2015, the value of the refinancing rate is equal to the value of the Bank of Russia key rate determined on the corresponding date and further its independent value is not established. In the future, changes in the refinancing rate will occur simultaneously with changes in the key rate of the Bank of Russia by the same amount.
• from January 1, 2016, the Government of the Russian Federation will also use the key rate of the Bank of Russia in all regulations instead of the refinancing rate (the order was signed by the Prime Minister of Russia D. Medvedev).

Every year, the Central Bank determines the refinancing rate, in accordance with which a huge number of different procedures are subsequently carried out throughout the year.

First of all, the refinancing rate is important for determining minimum sizes salaries, pensions, as well as indexation of a number of other payments, depending on this parameter and changing every year.

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At the same time, not everyone knows what the Central Bank refinancing rate is in effect in 2019 and why it is needed in principle.

What is its essence

The refinancing rate is a specified percentage of the annual charge that is used by central banks and other government agencies involved in monetary policy activities.

This indicator in itself is one of the most important factors economic environment of the state. The main goal This rate is a reflection of what the cost of a loan from the Central Bank is for a standard bank, but in fact this parameter reflects more than that.

In addition, the rate is quite actively used for various tax purposes, as well as for calculating sanctions taken against payers or controllers, that is, when calculating the amounts of penalties or fines. These payments are directly related to the period for which mandatory payments were delayed, and therefore each accountant needs to operate only with the most accurate and up-to-date information about this indicator.

The current refinancing rate can be used in a number of company calculations, and in particular, its use is required to calculate the following amounts:

Details of penalty calculation

In case of delay in any tax or other payments, the entrepreneur or organization gradually begins to accrue penalties from the day following the due date of payment. They continue to accrue until the arrears are repaid or the amount of penalties reaches the maximum possible level.

Penalties for insurance premiums or taxes are calculated as a percentage of the amount that was not paid to the state budget.

This percentage is 1/300 of the accepted refinancing rate, which is valid for each individual date of delay, that is, for example, if the arrears are not repaid for two years, then different penalties will be charged for each year.

Key indicators

A change in the key rate directly affects calculations, and therefore it directly affects total cost loans. If the specified amount is reduced, then it is easier and cheaper for companies to obtain various loans, but replacing the refinancing rate with a key rate, just like increasing the rate throughout the year, leads to the fact that the amount of fines under agreements with counterparties increases, just like the same as in the case of penalties and other types of penalties.

Until 2019, all tax agents and tax payers in their calculations in accordance with Tax Code it was necessary to use the refinancing rate, which first appeared in 1992 and had a value of 8.25%, set in 2012.

Starting in September 2013, the Central Bank announced that it was introducing a new key rate, and initially it was intended to carry out an adjustment existing rate refinancing to the key level, and until this moment it will be secondary, but in accordance with the instructions of the bank No. 3894-U, issued on December 11, 2019, from 2019 the refinancing rate is equal to the key one, that is, in fact, it is replaced by it.

In accordance with the decision of the Board of Directors of the Central Bank, published on September 16, 2019, from September 19 the rate is 10% per annum, and the next meeting is to be held on October 28.

Later, during the press release, representatives of this body noted that in order to consolidate the trend towards a stable reduction in inflation, this level of the key rate should be maintained until the end of 2019, and in the future it could be reduced in the first or second quarter of 2019 .

When deciding what size of the key rate should be in effect at a specified time, Central Bank employees assess all possible inflation risks, as well as the compliance of the inflation level with previously made forecasts.

The bet amount itself changed as follows:

Distinctive features of the Central Bank refinancing rate in 2019

The main feature of the refinancing rate adopted by the Central Bank in 2019 is that it acquired two values. Initially it was 11%, but from June 14 it was reduced to 10.5%, and from September 16 it was adopted at 10%.

Thus, we can say that the trend itself is encouraging, and from an economic point of view, such a stable reduction indicates that the situation in the economy is becoming positive, and in particular, this concerns a reduction in the rate of price growth.

In addition, it is worth noting the fact that during the first two quarters of 2019, the management of the Central Bank is going to again raise the issue of reducing the refinancing rate adopted at the official level, but by this moment There is no clear information yet that such adjustments will actually occur.

The above table of refinancing rates clearly reflects its dynamics over the past few years and clearly demonstrates the state of the state economy at one time or another.

Since 2016, the Central Bank has equated the refinancing rate to the key one. What is the refinancing rate? How is it different from the key rate? In what calculations is it used? See our material for answers.

What is the refinancing rate of the Central Bank of the Russian Federation in clear language and simple words

Determining what the refinancing rate of the Central Bank of the Russian Federation is, in clear language You won't find it in the law.

The literal wording of the refinancing rate from Wikipedia is “the amount of interest on an annualized basis payable to the country’s central bank for loans that the central bank has provided to credit institutions.” That is, Wikipedia refers to the refinancing rate of the Central Bank of the Russian Federation as the annual percentage at which the Central Bank lends to commercial banks. This definition follows from Article 40 Federal Law dated July 10, 2002 No. 86-FZ.

To understand the refinancing rate (what is it? in simple words), you need to understand how it affects the cost of credit funds for companies and individuals, as well as deposit rates.

Refinancing rate of the Central Bank of the Russian Federation: what is it in clear language

In Russia, the refinancing rate is an indicator of how much money costs in the country. Let's say commercial banks receive borrowed funds at 7.5 percent per annum. And they give it out at 15 percent. The difference in rates will allow the lending institution to make a profit. But the higher the refinancing rate of the Central Bank of the Russian Federation, the more the final borrower (citizens and legal entities) will overpay.

Refinancing rate: what is it for the Central Bank

For the main financial regulator, the Central Bank refinancing rate is a tool that allows you to regulate the money supply in circulation and, as a result, influence inflation. After all, the more accessible the loans, the higher the consumption, and then the price level. And vice versa. When credit becomes more expensive, consumption declines. Therefore, the level of the refinancing rate and the key rate is set taking into account the current inflation.

The refinancing rate is the rate at which a company cannot obtain a loan. The Central Bank is issuing multimillion-dollar sums. Therefore, it will not be possible to do without the participation of intermediaries (commercial banks). And you will have to pay for the services of an intermediary, giving money at inflated rates. Including additional convenience - the ability to get a loan at any nearest bank branch.

After we figure out what the Central Bank refinancing rate is, we’ll tell you how it changed and what indicator to focus on today.

Table: Refinancing rate by year

*The value of the Bank of Russia refinancing rate from January 1, 2016 is equal to the value of the Bank of Russia key rate on the corresponding date. From 01/01/2016, an independent value of the refinancing rate is not established.

Andrey Kizimov answers,

Actual State Advisor of the Russian Federation, 3rd class, Candidate of Economic Sciences

“When calculating the material benefit, use the refinancing rate set on the last day of each month of using the loan. Even if the employee is late in paying interest, he will have taxable income on this date.»

When should a new refinancing rate be used in calculations?

Companies use the Central Bank refinancing rate in many calculations. For example, based on it they calculate:

• penalties for late payment of taxes and fees, as well as advance payments;
• compensation for delayed wages;
• Personal income tax for material benefit, if the organization issued a loan to the employee in rubles without interest or at a low interest rate;
• interest to the employee for personal income tax not returned on time, which was unnecessarily withheld;
• the maximum amount of interest on ruble loans that can be taken into account in the tax expenses of the organization;
• interest for late return tax authority overpayments of taxes;
• interest for the unlawful use of money if the company did not transfer it to the counterparty on time.

Key rate of the Bank of Russia and all its changes

The key rate of the Central Bank of the Russian Federation today (since December 17, 2018) is 7.75%. The next Board of Directors of the Bank of Russia, held on April 26, 2019, decided to maintain the key rate at 7.75% per annum. This key rate will be valid until June 14, 2019.

In March of this year, annual inflation passed a local peak, and in April it began to slow down. At the same time, the current growth rate of consumer prices is slightly lower than the forecast of the Bank of Russia. In April, households' inflation expectations increased slightly after their noticeable decrease in March. Price expectations of enterprises continued to decline, but remain at an elevated level. Short-term pro-inflationary risks have decreased. The decisions of the Bank of Russia to increase the key rate in September and December 2018 were sufficient to limit the effects of one-time pro-inflationary factors.

According to the Bank of Russia forecast, annual inflation will return to 4% in the first half of 2020.

Bank of Russia key rate for April-June 2019

At the regular meeting of the Board of Directors of the Bank of Russia, held on April 26, 2019 It was decided to keep the key rate at 7.75%. This key rate will be valid from December 17, 2018 to June 14, 2019, i.e. before the date of the next meeting of the Board of Directors of the Bank of Russia.

The previous key rate of the Bank of Russia was 7.50% and its validity period lasted three months (from 09/17/2018 to 12/16/2018).

Inflation dynamics.Annual inflation passed a local peak in March. The annual growth rate of consumer prices in March increased to 5.3% (from 5.2% in February 2019). In April, annual inflation began to slow down and, according to estimates as of April 22, fell to 5.1%. At the same time, the current growth rate of consumer prices is slightly lower than the forecast of the Bank of Russia. The transfer of the VAT increase to prices is largely complete.

The proactive decisions of the Bank of Russia to increase the key rate in September and December 2018 contributed to the return of the monthly growth rate of consumer prices to levels close to 4% in annual terms. The dynamics of consumer demand have a restraining effect on inflation. In addition, temporary disinflationary factors also contributed to the slowdown in consumer price growth, including the strengthening of the ruble since the beginning of this year, a decrease in prices for main types of motor fuel and certain food products in March-April compared to February.

In April, households' inflation expectations increased slightly after their noticeable decline in March. Price expectations of enterprises continued to decline, but remain at an elevated level.

According to the Bank of Russia forecast, annual inflation will return to 4% in the first half of 2020.

Monetary conditions. Since the previous meeting of the Board of Directors of the Bank of Russia, monetary conditions have not changed significantly. OFZ yields and deposit-credit rates remained close to the levels of the end of March. At the same time, the decline in OFZ yields that has occurred since the beginning of this year creates conditions for a reduction in deposit and lending rates in the future.

Economic activity. Rosstat's revision of data on GDP dynamics in 2014–2018 does not change the Bank of Russia's view of the current state of the economy - it is close to potential. The dynamics of consumer demand and the situation on the labor market do not create excessive inflationary pressure. In the first quarter, the annual growth rate of industrial production was moderate and slightly lower than in the fourth quarter of last year. Investment activity remains subdued. The annual growth rate of retail trade turnover decreased in the first quarter due to a VAT increase and slower wage growth.

The Bank of Russia expects GDP growth of 1.2–1.7% for 2019. The VAT increase had a slight dampening effect on business activity. Additional budget funds received in 2019 will be used to increase government spending, including investment ones. In subsequent years, it is possible that the rate of economic growth will increase as national projects are implemented.

Inflation risks. Short-term pro-inflationary risks have decreased. In terms of internal conditions, the risks of secondary effects from the VAT increase are assessed as insignificant; the risks of accelerated price increases for certain food products have decreased.

At the same time, elevated and unanchored inflation expectations, as well as external factors, remain significant risks. In particular, risks of a slowdown in global economic growth remain. Geopolitical factors may lead to increased volatility in global commodity and financial markets and affect exchange rate and inflation expectations. Supply side factors in the oil market may increase the volatility of global oil prices. At the same time, the revision of interest rate trajectories by the US Federal Reserve and central banks of other countries with developed markets in the first quarter limits the risks of sustainable capital outflow from countries with emerging markets.

The Bank of Russia's assessment of risks associated with wage dynamics, possible changes in consumer behavior and budget expenditures has not changed significantly. These risks remain moderate.

The Bank of Russia will make decisions on the key rate taking into account the dynamics of inflation and the economy relative to the forecast, as well as assessing risks from external conditions and the reaction of financial markets to them. If the situation develops in accordance with the baseline forecast, the Bank of Russia allows a transition to lowering the key rate in 2019.

The next meeting of the Board of Directors of the Bank of Russia, at which the issue of the level of the key rate will be considered, is scheduled for June 14, 2019. Time of publication of a press release on the decision of the Board of Directors of the Bank of Russia - 13:30 Moscow time.

Dynamics of the key rate of the Central Bank of the Russian Federation for 2013 - 2019

The key rate was declared as the main instrument of monetary policy from September 13, 2013. From this date until the end of 2013, it was 5.50% per annum, inflation at the end of 2013 was 6.45%.

In 2014, the key rate changed 6 times, all in the direction of growth. Russia ended 2014 with the Central Bank key rate of 17.00%. A sharp increase in the key rate to 17.00% per annum occurred on December 16, 2014. The Board of Directors of the Bank of Russia noted that this decision was due to the need to limit the significantly increased Lately devaluation and inflation risks. Inflation at the end of 2014 was 11.36%.

2015, which began with a rate of 17% per annum, continued with its gradual decrease. During 2015, there were 5 changes in the key rate, and there were 6 rates during the year. The year ended with the key rate at 11.00%. Inflation at the end of 2015 was 12.90%.

During January - June 2016, the Bank of Russia periodically decided to maintain the key rate in force since 2015 at 11.0% per annum, from June 14 - reduced it to 10.50%, and from September 19, 2016, reduced it to - 10. 00%. At the end of 2016, the key rate was kept at 10.00%. Inflation at the end of 2016 was 5.4%.

Since the beginning of 2017, the key rate by the Bank of Russia has been maintained at 10.00%, and from the second quarter it began to be systematically lowered. During 2017, the key rate changed 6 times and decreased from 10.00% to 7.75% by the end of the year. Inflation in Russia in 2017 was 2.5%.

At the beginning of 2018, the key rate of the Bank of Russia was 7.75% per annum, from 02/12/2018 it was reduced to 7.50%., from March 26, 2018 it was reduced to 7.25% per annum, and from 09/17/2018 it was increased to 7 ,50%. From December 17, 2018, the rate was again increased to 7.75% and returned to the rate in force at the beginning of the year. The key rate of 7.75% will be valid until March 22, 2019.

Since the beginning of 2019, the Bank of Russia rate has been 7.75% per annum and will remain in effect until June 14, 2019.

Table of dynamics (changes) of the key rate of the Central Bank of the Russian Federation for 2013 - 2019

The table shows the dynamics (changes) of the Bank of Russia rate since its introduction (since September 13, 2013):

Definition and introduction history

The key rate of the Bank of Russia was first officially announced as the main instrument of monetary policy on September 13, 2013. Then, at the Board of Directors of the Bank of Russia, a new macroeconomic concept was introduced - "Key Bet", and the approach to monetary policy instruments was also changed.

It was on September 13, 2013 that the Board of Directors of the Central Bank of the Russian Federation made a historic decision to implement a set of measures to improve the instruments of the monetary policy system as part of the transition to an inflation targeting regime * .

Measures under the new monetary policy of the Bank of Russia include the following:

1. introduction key rate by unifying interest rates on operations for providing and absorbing liquidity on an auction basis for a period of 1 week;


2. formation of an interest rate corridor Bank of Russia and optimization of the system of instruments for regulating liquidity in the banking sector;


3. changing the role of the refinancing rate in the system of instruments of the Bank of Russia.

The key rate of the Central Bank of the Russian Federation is a rate set by the Bank of Russia in order to have a direct or indirect impact on the level of interest rates prevailing in the country's economy, which occurs through lending by the Bank of Russia to commercial banks. That is, with its help there is an impact on the economy in order to achieve the planned level of inflation.
Regulation of the key rate, as a rule, is the main instrument of monetary policy of the Bank of Russia.

From January 1, 2016, the Bank of Russia adjusted the refinancing rate to the level of the key rate, and before this date the refinancing rate was of secondary importance and was indicated on the Bank of Russia website for reference.

That is, from September 13, 2013 until January 1, 2016, an entry was made on the Bank of Russia website (in the section of the main financial market indicators) that reflected new approaches to the system of monetary policy instruments. The entry looked like this:

• Key rate, % - 0.00


• For reference: refinancing rate, % - 0.00.

Important: The Board of Directors of the Bank of Russia (dated December 11, 2015) established that starting from January 1, 2016:

• the value of the refinancing rate is equal to the value of the key rate of the Bank of Russia determined on the corresponding date and its independent value is not established in the future. The change in the refinancing rate will occur simultaneously with a change in the key rate of the Bank of Russia by the same amount.
• from January 1, 2016, the Government of the Russian Federation will use the key rate of the Bank of Russia in all regulations instead of the refinancing rate (about which the Prime Minister of Russia D. Medvedev signed an order).

So, the current key rate of the Bank of Russia is 7.75% per annum, and its validity period is from December 17, 2018 to June 14, 2019.

* Inflation targeting is a set of measures expressed in the selection of economic goals that must be influenced in order to achieve the planned level of inflation.

Since the beginning of 2016, the refinancing rate has been set at 11%. Over the previous 12 months the figure was 8.25%. The value did not change from September 2012 until December 31, 2015. The decision to increase the indicator was made on December 11, 2015 at the Board of Directors of the Bank of Russia. The goal was achieved by equating the refinancing rate to the key rate of the Central Bank of the Russian Federation.

Calculation of penalties at the refinancing rate 2015

In accordance with the law, the penalty is calculated in case of failure to fulfill a financial obligation. This is done provided that the contract contains no language regarding the payment of penalties.

According to the law, even if the contract does not provide for penalties, they must still be paid in accordance with the established algorithm.

For each day of delay, a certain percentage of the amount is charged, which is equal to a small fraction of the refinancing rate. The calculation formula looks like this: Penalty = Amount of debt * refinancing rate * number of days of delay / 360.

Refinancing rate in 2014

Throughout 2014, the refinancing rate remained at 8.25%, the key rate of the Central Bank of the Russian Federation was fixed at 17%, and the inflation rate for this period was 11.4%. Throughout 2014, there were constant discussions about adjusting the refinancing rate in accordance with the level of the key rate, but in fact the value of the indicator did not change from January to December. The end of the year was marked by a sharp increase in the key rate, against the background of which the leadership of the Central Bank of the Russian Federation decided to leave the refinancing rate unchanged.

Refinancing rate 2015

Throughout 2015, the financial regulator reduced the refinancing rate several times. On February 2, the figure changed from 17% to 15%; on March 16, another change was recorded from 15% to 14%; on May 5, a decrease followed from 14% to 12.5%. The next decrease was recorded on June 16, 2015 to the level of 11.5%.

The board of directors of the regulator explained the decrease in the refinancing rate by a noticeable slowdown in the rate of economic development within the country and a weakening of the inflation risk factor. In the future, the Central Bank of the Russian Federation also intends to adhere to the policy of reducing the refinancing rate while recording a slowdown in the growth of consumer prices.

Advice from Sravni.ru: There is an opinion that the main reason for reducing the key rate is not related to inflation expectations, but is dictated solely by the desire to depreciate the ruble in order to compensate for the loss of profit to oil and gas market players. At the same time, in order to suppress speculation on the part of commercial banks and again to reduce the ruble exchange rate, the regulator is increasing foreign exchange repo rates.