Changes in the refinancing rate over the years. The Central Bank key rate will replace the refinancing rate in documents

Signs of pregnancy after embryo implantation

Let's tell you what the indicator is refinancing rates in 2017, why you need to have this information and when to apply it in practice.

Basics

Other name refinancing rates of the Central Bank of the Russian Federation- discount rate. It is measured as a 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 a loan from the main bank of the country costs for an ordinary bank. 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, every accountant must operate with the most accurate and up-to-date data on its meaning.

Sometimes the refinancing rate serves as a guideline for interest for deferment or installment payment of taxes (clause 4 of article 64 of the Tax Code of the Russian Federation). In addition, interest for the investment tax credit is calculated on its basis.

It should be noted that some time ago the Central Bank of the Russian Federation introduced 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 a controlled debt, which made it possible to reduce income tax. There were reasonable doubts about which rate to focus on – the key rate or the refinancing rate. 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 was chosen: from January 1, 2016, the refinancing rate was equal to the key rate for 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 simultaneously.

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Size this year

At the time of writing this article refinancing rate in 2016 year acquired two meanings. So, from 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 a meeting, reduced the rate to 10 percent. See “The key refinancing rate has been reduced to 10 percent: what does this affect.” That's how calculating the refinancing rate for today. 2016 the year shows an encouraging trend.

From an economic point of view, this decrease 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 a fact that there will actually be adjustments.

In general, it is interesting to trace the dynamics refinancing rates by year. This very clearly shows what is happening to the economy of our country. For what - see refinancing rates in the table (including refinancing rate indicators 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 for calculating penalties in 2017 changed several times. As of May 2, 2017, it was 9.25%. You can track current rate changes on the Central Bank website Russian Federation, 2017 and other periods are reflected there reliably and in a timely manner.

The size of the refinancing rate is equal to the size of the key rate (after December 31, 2015) and represents the percentage at which banking and other institutions take loans from the Central Bank of the Russian Federation for subsequent lending to the population and business. This indicator is the main lever of the Central Bank’s monetary policy. Its purposeful change effectively affects the rate of inflation and affects the country’s economy as a whole.

Reducing the rate increases the availability of loans and reduces their cost. As a result, the manufacturer expands its capabilities and increases profits from financial and economic activities. As a negative effect, one can highlight the emergence of “cheap money” and, as a consequence, rising prices and inflation.

An increase in the rate leads to an increase in the cost of credit, a decrease in the number of borrowers and a decrease in consumption, which leads to a slowdown in inflation.

Also, the refinancing rate is used to calculate penalties for loans, taxes, fines, and delays in payment of wages. To calculate the penalty for the refstaf, you can use the online calculator 2017, posted on specialized sites, or the following formula : P=C*(D /360)*(i/100), where

  • P – the final amount of the penalty;
  • D – amount of overdue payment;
  • C – period of non-payment (days);
  • i – current referral rate;
  • 360 – number of days.

Refinancing a consumer loan in 2017: list of banks

The issue of refinancing in order to lower the interest rate in 2017 is a pressing issue for many categories of borrowers. Depending on the program, refinancing helps solve the following problems:

  • Reduce loan costs;
  • Reduce monthly payment;
  • Consolidate multiple loans;
  • Remove the encumbrance from the collateral.

Among best offers 2017 can be distinguished:

  • VTB refinancing program.

The bank is state-owned and offers favorable interest rates (from 14.5%). The service can be used not only by public sector employees and participants in salary projects, but also by clients of other banks, with the exception of those included in the financial group (Post Bank, etc.). A distinctive feature is the possibility of repaying foreign currency loans and applying for “credit holidays” (after 3 months).

  • On-lending at Citibank.

The minimum threshold is 15%, terms reach 5 years. You can refinance consumer loans that have been issued for more than 3 months.

  • Refinancing at Rosselkhozbank.

Interest rates start at 13.5 percent. An amount of up to 1 million rubles is provided for a period of up to 60 months. Rosselkhozbank is one of the few credit institutions that provides the opportunity to choose a differentiated or annuity method of repayment and reconversion of a foreign exchange agreement.

  • Binbank refinancing program.

Rates start from 14.99%, terms reach 7 years. No collateral or guarantors are required.

  • Refinancing at Sberbank.

The minimum rates under the program are set at 13.9%. For public sector employees and civil servants developed special conditions on-lending. It is possible to repay up to 5 loans from third-party banks, including car loans and mortgages.

Not every banking institution offers credit card refinancing. You can submit an application to PJSC Sberbank, Rosselkhozbank, VTB 24, Alfa Bank (individual programs for pensioners are provided).

Changes in the refinancing rate in 2017: conclusions

The refinancing rate in 2017, the table of which showed quite high indicators for the last two years, gradually began to decline. Its indicators at the beginning of the year remained at the level of 10.0%, on March 27, 2017 they were reduced to 9.75%, and on May 2, 2017 - to 9.25%.

Financial analysts, based on data from the Bank of Russia in 2017 on a slowdown in inflation growth, suggest that the decrease in ref. rates will continue, and by the end of the year it may reach the threshold of 9.5-8%.

As a result, penalties for late loans and taxes and contributions are expected to decrease. But at the same time, the profit from saving on interest and the amount of compensation for late payment of wages will decrease.

Let us remind you that all changes are key/ref. rates are regularly reflected in the table of the Central Bank on the official website.

Various measures are being taken to improve the economy of our country. This includes adjusting key financial indicators. What it will be like, what it affects and what forecasts experts give - in our review.

Regulator of the situation in macroeconomics

The refinancing rate is the percentage at which banks and other financial institutions borrow funds from the Central Bank of the Russian Federation to provide loans and credits to the population and business. Refinancing rate in 2017 continues to act as a tool capable of influencing inflation rates and influencing the economic situation in the country as a whole. How does this happen?

When interest rates fall, loans become more accessible because the cost of providing them is lower. As a result, manufacturers expand their capabilities and increase profits from business activities.

But there is also a negative side to the decrease in the Bank of Russia indicator under consideration: the population has a lot of so-called “cheap” money, with which they can purchase more goods. The result is a rise in prices (in order to increase incomes) and a gradual increase in inflation.

And when the refinancing rate increases, the opposite effect occurs:

  • loans become more expensive;
  • the number of borrowers is decreasing;
  • consumption levels are reduced;
  • as a consequence, a slowdown in inflation growth.

That's why has the rate changed since January 1, 2017, an important point that can influence the economic situation in the country.

What now: refinancing rate in 2017 at

Over the past two years, the Central Bank of the Russian Federation has maintained a high refinancing percentage compared to 2010–2013 in order to stabilize the situation on the foreign exchange market. Also succeeded:

  • slow down inflation growth from 11.0 to 6.5%;
  • reduce inflation expectations;
  • keep oil prices above $45/barrel.

However, after such measures there were 2 negative consequences:

  1. there was a risk of finally exhausting budget reserves;
  2. business activity of economic entities that need the support of the Central Bank has decreased.

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Therefore, based on Bank of Russia Order No. 3894-U, at the beginning of 2016 the refinancing rate was equalized to the key rate. In addition, it was decided to gradually reduce this indicator in the future:

date Refinancing rate value
January 1, 201611,0%
June 14, 201610,5%
September 19, 201610%

Thus, refinancing rate from January 1, 2017 remained at 10%. Since, according to the leadership of the Central Bank of the Russian Federation, the potential for further reduction is temporarily absent.

Forecasts for 2017

The refinancing rate is changing in order to improve the economic situation in Russia. Meanwhile, it is already known that at the beginning of 2017, pensioners will receive a one-time payment of 5,000 rubles. And this could affect the acceleration of inflation and force the Bank of Russia to postpone the issue of revising the rate.

Experts suggest that when favorable conditions external situation, the Central Bank could reduce the rate to 9 – 8.5%. Optimistic forecasts are based on the following conditions:

  • slow inflation rate;
  • stable foreign exchange market;
  • moderate rise in oil prices.

If the desired result is achieved, the reduction will have a positive impact on the economic recovery of our country. And with a high risk of negative factors, its indicator will remain at the same level.

On March 24, 2017, the Bank of Russia reduced the key rate from 10 to 9.75 percent. Then again there was a decrease of 0.50%. From May 2, 2017, the rate was already 9.25 percent

How will reducing the rate affect the work of an accountant?

If there is a decrease refinancing rates in 2017, this change will, for example, affect:

Index Explanation
Calculation of compensation for late payment of wagesThe Labor Code requires enterprises to pay employees on time. In case of delay, monetary compensation is due. It is equal to 1/150 of the key rate. The calculation formula looks like this:

If the rate is reduced to 9.5%, the coefficient of 0.1 (10%) will change to 0.095.
Calculation of penalties for taxes and contributionsAccording to paragraph 4 of Art. 75 Tax Code of the Russian Federation, for each day late payment you will have to additionally transfer 1/300 of the refinancing rate (from the 31st day - 1/150 of the rate).

If the Central Bank of the Russian Federation reduces the indicator, the amount of penalties paid will decrease.

Failure of the Federal Tax Service to comply with the deadline for the return of overpayments of taxes and contributionsThe Federal Tax Service is obliged to return the excess paid Money within a month after receiving an application for overpayment from an organization or individual entrepreneur. If this requirement is violated, interest is due, which is calculated based on the key rate.
From 01/01/2016, the value of the refinancing rate of the Central Bank of the Russian Federation is equal to the value of the key rate of the Bank of Russia on the corresponding date. Since 01/01/2016, an independent value of the refinancing rate is not established and is not shown on the Bank of Russia website.
Refinancing rate / Key rate/ Bank of Russia for today, i.e. from 06/17/2019 it is 7.50%, and from 07/29/2019 - 7.25%.

The next Board of Directors of the Bank of Russia, held on July 26, 2019, decided to reduce the key rate by 25 bp, to 7.25% per annum. This rate (7.25%) will remain in effect until September 6, 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, then starting from July 29, 2019, the refinancing rate is also 7.25%.
The previous unofficial refinancing rate was also in effect from June 17, 2019 to July 28, 2019 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 at the end of July - beginning of September 2019

On July 26, 2019, the Board of Directors of the Bank of Russia decided to reduce the key rate by 25 bp, to 7.25% per annum. The refinancing rate (unofficial) has also been reduced to 7.25% per annum.

The Board of Directors of the Bank of Russia noted that annual inflation continues to slow down. However, inflation expectations remain at elevated level. The growth rates of the Russian economy are below the expectations of the Bank of Russia. Weak economic activity, along with temporary factors, limits inflation risks in the short term. According to the forecast of the Bank of Russia, taking into account the current monetary policy, annual inflation will return to 4% at the beginning of 2020.

If the situation develops in accordance with the baseline forecast, the Bank of Russia allows for the possibility of a further reduction in the key rate at one of the next meetings of the Board of Directors and a transition to a neutral monetary policy in the first half of 2020. The Bank of Russia will make decisions on the key rate taking into account the actual and expected dynamics of inflation relative to the target, economic development over the forecast horizon, as well as assessing risks from internal and external conditions and the reaction of financial markets to them.

When deciding to reduce the key rate/refinancing rate to 7.25%, the Board of Directors of the Bank of Russia proceeded from the following:

Inflation dynamics.Inflation continues to slow down. Annual growth rate consumer prices in June fell to 4.7% (from 5.1% in May 2019) and, according to estimates as of July 22, amounted to about 4.6%. At the end of June, annual core inflation decreased for the first time since March 2018 and amounted to 4.6%. The monthly growth rate of consumer prices, excluding seasonality, slowed to 0.1% in June after 0.3–0.4% in February-May. At the same time, most monthly inflation indicators, reflecting the most stable processes of price dynamics, according to Bank of Russia estimates, are close to 4% in annual terms.

The dynamics of consumer demand have a restraining effect on inflation. Temporary disinflationary factors also contributed to the slowdown in consumer price growth, including the strengthening of the ruble since the beginning of current year and a decrease in prices for fruits and vegetables due to the earlier arrival of the new harvest. The dynamics of annual inflation were also affected by base effects.

In June-July, enterprises' price expectations continued to decline. The population's inflation expectations have not changed significantly since April, remaining at an elevated level. Slowing inflation creates conditions for lower inflation expectations in the future.

According to the forecast of the Bank of Russia, taking into account the current monetary policy, annual inflation will return to 4% at the beginning of 2020.

Monetary conditions. Since the previous meeting of the Board of Directors of the Bank of Russia, monetary conditions have continued to soften. This was also facilitated by changes in the expectations of financial market participants regarding the trajectory of the Bank of Russia key rate, as well as a downward revision of expected trajectories interest rates in the USA and the eurozone. OFZ yields and deposit rates continued to decline. The decisions taken by the Bank of Russia to reduce the key rate and the decline in OFZ yields that has occurred since the beginning of this year create conditions for a reduction in deposit and lending rates in the future.

In June, lending to the real sector continued to grow amid easing monetary conditions. The annual growth rate of loans to non-financial organizations reached its maximum since 2015, and the growth rate of loans individuals has stabilized after a noticeable increase in previous months.

Economic activity. The growth rate of the Russian economy since the beginning of the year has been below the expectations of the Bank of Russia. This is due to the weak dynamics of investment activity, as well as a significant decrease in annual export growth rates, including against the backdrop of weakening external demand. In the second quarter, there was an acceleration in annual growth in industrial production, which may not be sustainable. The annual growth rate of retail trade turnover continued to decline amid a decline in real disposable income of the population. Unemployment is at historically low levels, but with the number of people employed and the labor force shrinking, this is not creating excessive inflationary pressure.

In the first half of the year, fiscal policy had an additional restraining effect on the dynamics of economic activity, which is partly due to the shift in the implementation of a number of national projects planned by the Government. An increase is expected from the second half of 2019 government spending, including investment ones.

Inflation risks. Over the short term, disinflationary risks prevail over proinflationary ones. This is primarily due to the weak dynamics of domestic and external demand.

Wherein significant risks elevated and unanchored inflation expectations remain. There remain risks of a slowdown in global economic growth, including due to further tightening of international trade restrictions. 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. However, the revision of the expected trajectories of interest rates in the United States and the eurozone in June-July reduces the risks of significant capital outflows from emerging market countries.

Fiscal policy can have a significant impact on inflation dynamics both in the short and medium term. Catch-up growth budget expenditures in the second half of this year may have a pro-inflationary effect at the end of 2019 - beginning of 2020. In the future, possible decisions to use the liquid part of the National Welfare Fund above the threshold level of 7% of GDP may exert upward pressure on inflation.

The Bank of Russia’s assessment of risks associated with the dynamics wages, prices for individual food products, possible changes in consumer behavior, has not changed significantly. These risks remain moderate.

If the situation develops in accordance with the baseline forecast, the Bank of Russia allows for the possibility of a further reduction in the key rate at one of the next meetings of the Board of Directors and a transition to a neutral monetary policy in the first half of 2020. The Bank of Russia will make decisions on the key rate taking into account the actual and expected dynamics of inflation relative to the target, economic development over the forecast horizon, as well as assessing risks from internal and external conditions and the reaction of financial markets to them.


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 September 6, 2019. Time of publication of a press release on the decision of the Board of Directors of the Bank of Russia - 13:30 Moscow time.

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

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

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

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

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

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

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

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

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

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

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

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

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

In the period January - June 2019, the key rate of the Bank of Russia was 7.75% per annum, from June 17, 2019 it was reduced to - 7.50%, and from July 29, 2019 it was reduced to 7.25%.

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.

Refinancing rates of the Central Bank of the Russian Federation
Period of validity of the refinancing rateRefinancing rate (%)Regulatory document
01/01/2016*From this date, the value of the refinancing rate corresponds to the value of the key rate of the Bank of Russia - on the corresponding installation dateDirective of the Bank of Russia dated December 11, 2015 No. 3894-U “On the refinancing rate of the Bank of Russia and the key rate of the Bank of Russia”
September 14, 2012 - December 31, 20158,25 Directive of the Bank of Russia dated September 13, 2012 No. 2873-U
December 26, 2011 - September 13, 20128,00 Directive of the Bank of Russia dated December 23, 2011 No. 2758-U
May 3, 2011 - December 25, 20118,25 Directive of the Bank of Russia dated April 29, 2011 No. 2618-U
February 28, 2011 - May 2, 20118,00 Directive of the Bank of Russia dated February 25, 2011 No. 2583-U
June 01, 2010 - February 27, 20117,75 Directive of the Bank of Russia dated May 31, 2010 No. 2450-U
April 30, 2010 - May 31, 20108,00 Directive of the Bank of Russia dated April 29, 2010 No. 2439-U
March 29, 2010 - April 29, 20108,25 Directive of the Bank of Russia dated March 26, 2010 No. 2415-U
February 24, 2010 – March 28, 20108,50 Directive of the Bank of Russia dated February 19, 2010 No. 2399-U
December 28, 2009 – February 23, 20108,75 Directive of the Bank of Russia dated December 25, 2009 No. 2369-U
November 25 - December 27, 20099,0 Directive of the Bank of Russia dated November 24, 2009 No. 2336-U
October 30, 2009 - November 24, 20099,50 Directive of the Bank of Russia dated October 29, 2009 No. 2313-U
September 30, 2009 – October 29, 200910,00 Directive of the Bank of Russia dated September 29, 2009 No. 2299-U
September 15, 2009 – September 29, 200910,50 Directive of the Bank of Russia dated September 14, 2009 No. 2287-U
August 10, 2009 – September 14, 200910,75 Directive of the Central Bank of the Russian Federation dated August 7, 2009 No. 2270-U
July 13, 2009 – August 9, 200911,0 Directive of the Central Bank of the Russian Federation dated July 10, 2009 No. 2259-U
June 5, 2009 – July 12, 200911,5 Directive of the Central Bank of the Russian Federation dated June 4, 2009 No. 2247-U
May 14, 2009 – June 4, 200912,0 Directive of the Central Bank of the Russian Federation dated May 13, 2009 No. 2230-U
April 24, 2009 - May 13, 200912,5 Directive of the Central Bank of the Russian Federation dated April 23, 2009 No. 2222-U
December 1, 2008 – April 23, 200913,00 Directive of the Central Bank of the Russian Federation dated November 28, 2008 No. 2135-U
November 12, 2008 – November 30, 200812,00 Directive of the Central Bank of the Russian Federation dated November 11, 2008 No. 2123-U
July 14, 2008 - November 11, 200811,00 Directive of the Central Bank of the Russian Federation dated July 11, 2008 No. 2037-U
June 10, 2008 – July 13, 200810,75 Directive of the Central Bank of the Russian Federation dated 06/09/2008 No. 2022-U
April 29, 2008 – June 9, 200810,5 Directive of the Central Bank of the Russian Federation dated April 28, 2008 No. 1997-U
February 4, 2008 – April 28, 200810,25 Directive of the Central Bank of the Russian Federation dated February 1, 2008 No. 1975-U
June 19, 2007 – February 3, 200810,0 Telegram of the Central Bank of the Russian Federation dated June 18, 2007 No. 1839-U
January 29, 2007 – June 18, 200710,5 Telegram of the Central Bank of the Russian Federation dated January 26, 2007 No. 1788-U
October 23, 2006 – January 22, 200711 Telegram of the Central Bank of the Russian Federation dated October 20, 2006 No. 1734-U
June 26, 2006 – October 22, 200611,5 Telegram of the Central Bank of the Russian Federation dated June 23, 2006 No. 1696-U
December 26, 2005 – June 25, 200612 Telegram of the Central Bank of the Russian Federation dated December 23, 2005 No. 1643-U
June 15, 2004 – December 25, 200513 Telegram of the Central Bank of the Russian Federation dated June 11, 2004 No. 1443-U
January 15, 2004 – June 14, 200414 Telegram of the Central Bank of the Russian Federation dated January 14, 2004 No. 1372-U
June 21, 2003 – January 14, 200416 Telegram of the Central Bank of the Russian Federation dated June 20, 2003 No. 1296-U
February 17, 2003 – June 20, 200318 Telegram of the Central Bank of the Russian Federation dated February 14, 2003 No. 1250-U
August 7, 2002 – February 16, 200321 Telegram of the Central Bank of the Russian Federation dated 06.08.2002 No. 1185-U
April 9, 2002 – August 6, 200223 Telegram of the Central Bank of the Russian Federation dated April 8, 2002 No. 1133-U
November 4, 2000 – April 8, 200225 Telegram of the Central Bank of the Russian Federation dated November 3, 2000 No. 855-U
July 10, 2000 – November 3, 200028 Telegram of the Central Bank of the Russian Federation dated 07.07.2000 No. 818-U
March 21, 2000 – July 9, 200033 Telegram of the Central Bank of the Russian Federation dated March 20, 2000 No. 757-U
March 7, 2000 – March 20, 200038 Telegram of the Central Bank of the Russian Federation dated March 6, 2000 No. 753-U
January 24, 2000 – March 6, 200045 Telegram of the Central Bank of the Russian Federation dated January 21, 2000 No. 734-U
June 10, 1999 – January 23, 200055 Telegram of the Central Bank of the Russian Federation dated 06/09/99 No. 574-U
July 24, 1998 – June 9, 199960 Telegram of the Central Bank of the Russian Federation dated July 24, 1998 No. 298-U
June 29, 1998 – July 23, 199880 Telegram of the Central Bank of the Russian Federation dated June 26, 1998 No. 268-U
June 5, 1998 – June 28, 199860 Telegram of the Central Bank of the Russian Federation dated 06/04/98 No. 252-U
May 27, 1998 – June 4, 1998150 Telegram of the Central Bank of the Russian Federation dated May 27, 1998 No. 241-U
May 19, 1998 – May 26, 199850 Telegram of the Central Bank of the Russian Federation dated May 18, 1998 No. 234-U
March 16, 1998 – May 18, 199830 Telegram of the Central Bank of the Russian Federation dated March 13, 1998 No. 185-U
March 2, 1998 – March 15, 199836 Telegram of the Central Bank of the Russian Federation dated February 27, 1998 No. 181-U
February 17, 1998 – March 1, 199839 Telegram of the Central Bank of the Russian Federation dated February 16, 1998 No. 170-U
February 2, 1998 – February 16, 199842 Telegram of the Central Bank of the Russian Federation dated January 30, 1998 No. 154-U
November 11, 1997 – February 1, 199828 Telegram of the Central Bank of the Russian Federation dated November 10, 1997 No. 13-U
October 6, 1997 – November 10, 199721 Telegram of the Central Bank of the Russian Federation dated 01.10.97 No. 83-97
June 16, 1997 – October 5, 199724 Telegram of the Central Bank of the Russian Federation dated June 13, 1997 No. 55-97
April 28, 1997 – June 15, 199736 Telegram of the Central Bank of the Russian Federation dated April 24, 1997 No. 38-97
February 10, 1997 – April 27, 199742 Telegram of the Central Bank of the Russian Federation dated 02/07/97 No. 9-97
December 2, 1996 – February 9, 199748 Telegram of the Central Bank of the Russian Federation dated November 29, 1996 No. 142-96
October 21, 1996 – December 1, 199660 Telegram of the Central Bank of the Russian Federation dated October 18, 1996 No. 129-96
August 19, 1996 – October 20, 199680 Telegram of the Central Bank of the Russian Federation dated August 16, 1996 No. 109-96
July 24, 1996 – August 18, 1996110 Telegram of the Central Bank of the Russian Federation dated July 23, 1996 No. 107-96
February 10, 1996 – July 23, 1996120 Telegram of the Central Bank of the Russian Federation dated 02/09/96 No. 18-96
December 1, 1995 – February 9, 1996160 Telegram of the Central Bank of the Russian Federation dated November 29, 1995 No. 131-95
October 24, 1995 – November 30, 1995170 Telegram of the Central Bank of the Russian Federation dated October 23, 1995 No. 111-95
June 19, 1995 – October 23, 1995180 Telegram of the Central Bank of the Russian Federation dated June 16, 1995 No. 75-95
May 16, 1995 – June 18, 1995195 Telegram of the Central Bank of the Russian Federation dated May 15, 1995 No. 64-95
January 6, 1995 – May 15, 1995200 Telegram of the Central Bank of the Russian Federation dated 01/05/95 No. 3-95
November 17, 1994 – January 5, 1995180 Telegram of the Central Bank of the Russian Federation dated November 16, 1994 No. 199-94
October 12, 1994 – November 16, 1994170 Telegram of the Central Bank of the Russian Federation dated October 11, 1994 No. 192-94
August 23, 1994 – October 11, 1994130 Telegram of the Central Bank of the Russian Federation dated August 22, 1994 No. 165-94
August 1, 1994 – August 22, 1994150 Telegram of the Central Bank of the Russian Federation dated July 29, 1994 No. 156-94
June 30, 1994 – July 31, 1994155 Telegram of the Central Bank of the Russian Federation dated June 29, 1994 No. 144-94
June 22, 1994 – June 29, 1994170 Telegram of the Central Bank of the Russian Federation dated June 21, 1994 No. 137-94
June 2, 1994 – June 21, 1994185 Telegram of the Central Bank of the Russian Federation dated 01.06.94 No. 128-94
May 17, 1994 – June 1, 1994200 Telegram of the Central Bank of the Russian Federation dated May 16, 1994 No. 121-94
April 29, 1994 – May 16, 1994205 Telegram of the Central Bank of the Russian Federation dated April 28, 1994 No. 115-94
October 15, 1993 – April 28, 1994210 Telegram of the Central Bank of the Russian Federation dated October 14, 1993 No. 213-93
September 23, 1993 – October 14, 1993180 Telegram of the Central Bank of the Russian Federation dated September 22, 1993 No. 200-93
July 15, 1993 – September 22, 1993170 Telegram of the Central Bank of the Russian Federation dated July 14, 1993 No. 123-93
June 29, 1993 – July 14, 1993140 Telegram of the Central Bank of the Russian Federation dated June 28, 1993 No. 111-93
June 22, 1993 – June 28, 1993120 Telegram of the Central Bank of the Russian Federation dated June 21, 1993 No. 106-93
June 2, 1993 – June 21, 1993110 Telegram of the Central Bank of the Russian Federation dated 01.06.93 No. 91-93
March 30, 1993 – June 1, 1993100 Telegram of the Central Bank of the Russian Federation dated March 29, 1993 No. 52-93
May 23, 1992 – March 29, 199380 Telegram of the Central Bank of the Russian Federation dated May 22, 1992 No. 01-156
April 10, 1992 – May 22, 199250 Telegram of the Central Bank of the Russian Federation dated April 10, 1992 No. 84-92
January 1, 1992 – April 9, 199220 Telegram of the Central Bank of the Russian Federation dated December 29, 1991 No. 216-91

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

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


Validity period of the key rateKey rate (refinancing rate*) -%
from July 29, 2019 - to September 6, 2019 (approximate date)7,25
from June 17, 2019 - to July 28, 20197,50
from December 17, 2018 - to June 16, 20197,75
from September 17, 2018 - to December 16, 20187,50
from March 26, 2018 to September 16.7,25
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 1, 2017.9,75

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 06/17/2019 to 07/28/2019) is 7.50%, and from 07/29/2019 it will be 7.25%.

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).

From January 1, 2016, the value of the refinancing rate of the Central Bank of Russia determined on the corresponding date is equal to the value of the key rate of the Central Bank of Russia. The corresponding Directive of the Central Bank of Russia was signed on December 11, 2015 and came into force from the date of its signing. On December 16, 2015, the document was published in the Bulletin of the Bank of Russia.

The current refinancing rate of the Central Bank of the Russian Federation as of today, July 26, 2019, is 7.75% per annum.

We remind you that the refinancing rate is the amount of annual interest payable to the Central Bank of Russia for any loans provided to credit institutions. And the key rate is the rate at which the Central Bank of the Russian Federation provides its loans to commercial banks for a period of one week, and accepts money from banks for deposit for the same period. fixed from September 14, 2012 at the rate of 8.25% per annum, from January 1, 2016 its value corresponds to the value of the Bank of Russia key rate on the corresponding date, and was determined at 10.5% per annum from August 3, 2015. Board of Directors of the Bank of Russia On June 10, 2016, he decided to reduce the key rate by 50 bp. - up to 10.50% per annum.

September 15, 2016 /TASS/. The Bank of Russia decided to reduce the key rate by 0.5 percentage points (pp), to 10% per annum.

The Board of Directors of the Bank of Russia at a meeting on March 24, 2017 reduced the key rate to 9.75% per annum, the regulator reports. In 2017, the Central Bank lowered it six times.

On April 28, 2017, the key rate of the Central Bank of the Russian Federation was lowered to 9.25% per annum, and on June 16 to 9% per annum. September 15 up to 8.5% per annum. October 27 up to 8.25% per annum, December 15 up to 7.75% per annum.

At a meeting on February 9, 2018, the Board of Directors of the Bank of Russia decided to lower the key rate by 0.25 percentage points, to 7.5% per annum. This was reported in a press release from the regulator. March 23 to 7.25% from 7.5% a month and a half after the previous decrease. For the first time since December 2014, the regulator increased the key rate on September 14, 2018 to 7.5%.

At the same time, on September 13, 2013, the Central Bank of the Russian Federation, by introducing the key rate, defined it as the main indicator of the direction of monetary and credit policy, and indicating the secondary importance of the refinancing rate. On December 11, 2015, the Board of Directors of the Central Bank of Russia decided to equate the value of the refinancing rate from January 1, 2016 to the value of the key rate of the Central Bank of Russia determined on the corresponding date. From the beginning of 2016, the independent value of the Bank of Russia refinancing rate will not be established - any change in the refinancing rate in the future will occur simultaneously with a change in the key rate of the Central Bank of Russia by the same amount.

The Head of the Government of the Russian Federation noted that the Key Rate is the main indicator of monetary policy in Russia.



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