Calculation of the Central Bank key rate. Key rate in Russia: what an investor needs to know

21.10.2019

19.09.2017, 19:13

What is the key rate of the Central Bank of the Russian Federation for today according to official data? What is the “key rate” for? Does the key rate affect the cost of loans? Do deposit rates depend on the Bank of Russia key rate? Employees often turn to the HR department for documents to obtain consumer loans and mortgages. In our opinion, it is useful for the HR manager to know the basic data about the key rate in order to answer some of the employees’ questions related to this. We have prepared detailed articles on this subject, and also provide a single table by year, which summarizes all the data on the key rate. This material is updated every time the key rate changes, so there is no need to pay attention to the date of publication of the article - the information is always relevant.

What is a key rate?

Very often we come across news about the key rate on television, radio or on the Internet. So, for example, in Lately News about the reduction of the key rate of the Central Bank of the Russian Federation is becoming increasingly common.

Various experts talk about the key rate and link it with inflation and the dollar exchange rate. But how should we deal with this? to an ordinary person? Is changing the key rate good or bad? Many people believe that the dynamics of the key rate does not affect their lives in any way. But is this really so? What is a key rate in clear language?

If an increase or decrease in the key rate is not so important for ordinary people, then why is news about the next meeting of the Central Bank of the Russian Federation on the issue of changing the key rate broadcast on federal media? Let's figure it out. In fact, everything is very simple! Let's try to explain in simple words.

Key rate is the interest rate at which the Bank of Russia issues loans to commercial banks for one week and accepts deposits from them for the same period. The key rate affects interest rates on bank loans and the level of inflation. This follows from information from the Bank of Russia dated September 13, 2013.

Thus, the key rate is simply the cost of loans for commercial banks. Just remember this and the answers to many questions will become obvious.

Today's key rate: official data from the Central Bank of the Russian Federation

The key rate is constantly changing. The key rate of the Central Bank of the Russian Federation for today is shown in the table (by year). This table is updated every time the key rate changes: increases or decreases.

Official key rate
The period from which the rate is set	Key rate (%, per annum)	Base
February 9, 2018	7,5	Information from the Bank of Russia dated 02/09/2018
December 18, 2017	7.75	Information from the Bank of Russia dated December 15, 2017
October 30, 2017	8,25	Information from the Bank of Russia dated October 27, 2017
September 18, 2017	8.5	Information from the Bank of Russia dated September 15, 2017
from June 19, 2017	9	Information from the Bank of Russia dated June 16, 2017
from May 2, 2017	9.25	Information from the Bank of Russia dated April 28, 2017
from March 27, 2017	9.75	Information from the Bank of Russia dated March 24, 2017
from September 19, 2016	10	Information from the Bank of Russia dated September 16, 2016
from June 14, 2016	10.5	Information from the Bank of Russia dated June 10, 2016
from August 3, 2015	11	Information from the Bank of Russia dated July 31, 2015
from June 16, 2015	11.5	Information from the Bank of Russia dated June 15, 2015
from May 5, 2015	12.5	Information from the Bank of Russia dated April 30, 2015
from March 16, 2015	14	Information from the Bank of Russia dated March 13, 2015
from February 2, 2015	15	Information from the Bank of Russia dated January 30, 2015
from December 16, 2014	17	Information from the Bank of Russia dated December 16, 2014
from December 12, 2014	10.5	Information from the Bank of Russia dated December 11, 2014
from November 5, 2014	9.5	Information from the Bank of Russia
from July 28, 2014	8	Information from the Bank of Russia dated July 25, 2014
from April 28, 2014	7.5	Information from the Bank of Russia dated April 25, 2014
from March 3, 2014	7	Information from the Bank of Russia dated 03/03/2014
from September 13, 2013	5.5	Information from the Bank of Russia dated September 13, 2013

The website of the Central Bank of the Russian Federation provides information about the official key interest rate for today. The Central Bank is the regulator in this area.

Key rate dynamics

Why raise or lower the key rate? Is it necessary to do this? Issues of this kind have the right to be resolved exclusively by the regulator – the Bank of Russia (Central Bank of the Russian Federation). For this purpose, special meetings are held at which the commission decides on the key rate. Then the Central Bank of the Russian Federation issues press releases about reducing or increasing the key rate. On the day the decision is made, the information appears on the Central Bank website. For information, it is worth noting that, usually, the decision to change the key rate is made on Fridays.

The key rate is reduced or increased by “percentage points”. Therefore, in official data the abbreviation “bp” is usually used.

Press releases, as a rule, describe in some detail the prerequisites for making a particular decision on the key refinancing rate. So, for example, in a press release dated September 15, 2017, the Central Bank of the Russian Federation announced a reduction in the key rate by 0.5 percentage points to 8.5%. At the same time, the Central Bank of the Russian Federation explains why this or that decision was made:

The calendar of meetings of the Central Bank of the Russian Federation on the key rate can be found on the Bank of Russia website. It is posted at this link.

Loans and deposits: how do they depend on the key rate?

When the key rate decreases, do consumer loans become more expensive or cheaper? How do mortgage rates depend on the key rate? If the key rate goes up, then the rates on deposits also become higher? Detailed questions concern many people. I. It happens that employees turn to the HR department for advice. We’ll tell you how to answer a personnel officer to questions of this kind.

Loans

Commercial banks cannot simply take money from the Central Bank and issue it in the form of loans to individuals or businesses. The fact is that the Bank of Russia issues cash at the key rate only for a short period - 7 days. However, a mortgage is a long-term loan for several years (sometimes for 25). Therefore, to issue loans, banks must have other sources of financing (for example, deposits). But if there are no such sources, then the bank turns to the Central Bank for help. This situation arose with Otkritie Bank in 2017: depositors began to withdraw their funds from the bank and a “hole” formed in the bank. It was the Central Bank that came to the rescue to close it.

Recently the key rate has been decreasing. So, for example, if on September 19, 2016 its size was 10 percent per annum, then a year later (as of September 18, 2017) the key rate dropped to 8.5 percent. Moreover, the Central Bank of the Russian Federation reports that the trend towards reducing the key rate will continue:

Along with the key rate, commercial banks also reduce loan rates.

Let us recall that in December 2014 the key rate was increased from 10.5% to 17%. In this regard, some banks have increased rates on their consumer loans, for example, VTB24, Alfa-Bank, UralSib, Rosselkhozbank. Unicredit, Renaissance Credit, MTS Bank, Bank of Moscow, Citibank, Home Credit Bank. Thus, the increase in rates by many banks provoked an increase in the average market interest rate on consumer loans by 2.80 percentage points. from the beginning of December. As of December 22, 2014, according to the Banking Monitoring agency, the average market rate on consumer loans was 23.71%.

However, the loan rate is gradually decreasing. For example, from June 1, 2017, Sberbank of Russia reduced interest rates on housing loans for the purchase of new buildings, and from June 5, on other basic mortgage products. The decrease was 0.20-0.75 percentage points.

Here are the estimated rates for consumer loans as of September 2017:

As for mortgages, average mortgage rates for new buildings fluctuate around 9-12 percent per annum.

If the key rate rises, then loan rates rise.

Deposits

A decrease in the key rate leads to a reduction in interest rates on deposits. And this wave is justified, since it simply becomes unprofitable for banks to attract deposits from individuals and businesses at a higher interest rate.

It would be strange if banks borrowed money from the population at rates exceeding the key rate. So, for example, when official meaning With the key rate at 8.5 percent, deposits are generally offered by banks at lower interest rates. Here are examples as of September 2017:

If you are offered deposits at rates that exceed the key rate, then be especially careful. This should, at a minimum, alert a potential investor.

The key rate determines the price of money for commercial banks, and they, in turn, provide loans to companies and individuals. If the Central Bank of the Russian Federation raises the key rate, then money becomes more expensive, and this along the chain leads to commercial banks raising their rates on loans and deposits for the population and enterprises.

If the Central Bank of the Russian Federation increases the key rate, then it becomes more expensive for banks to borrow money from the Central Bank of the Russian Federation. And banks are raising deposit rates. And, thus, they attract “cheaper” money from the population and business. So, for example, during the 2014 crisis, banks also began to raise deposit rates. Rates rose by more than 20 percent per annum in rubles.

However, when the key rate began to decline, deposit rates also crept down.

How the key rate affects inflation

Inflation (lat. inflatio "bloating") - an increase in the general level of prices for goods and services for a long period. With inflation, the same amount of money will, over time, buy fewer goods and services than before. In this case, they say that over the past time the purchasing power of money has decreased, money has depreciated - it has lost part of its real value.

The Bank of Russia uses the key rate to influence inflation. The plans of the Central Bank of Russia include a slight inflation of 4% per year. Economists at the Central Bank of the Russian Federation analyze the data and make a calculation: what should the key rate be at the moment in order for inflation to decrease and the economy to develop.

If interest rates on loans and deposits rise, individuals and firms want to borrow less—which means spend less and invest less—and everyone wants to save more. As a result, the demand for goods and services decreases, and, accordingly, inflation decreases.

And vice versa: if the Bank of Russia lowers the key rate, money becomes cheaper, rates on loans and deposits for households and firms are reduced, everyone takes out more loans, spends more, invests more, and saves less. This leads to increased demand and accelerated inflation.

Key bet in business: basic knowledge

A change in the key rate entails not only a change in lending and investment conditions. Eat whole line business issues that are related to the value of the key rate. Let's talk about them. In this case, in our calculations we will take into account the key rate in force since September 18, 2017 – 8.5 percent. Therefore, keep in mind that you may need to use a different key rate figure in your calculations.

Non-payment of wages: compensation

If an employer fails to pay employees wages (vacation pay or dismissal pay) on time, then the employees are entitled to compensation for the delay. This is provided for in Article 236 of the Labor Code of the Russian Federation. The amount of compensation for delayed wages is determined collectively or employment contract. If the amount of compensation is not established by an employment or collective agreement, then it is calculated based on 1/150 of the key rate for each day of delay. Compensation for delayed wages is calculated using the formula:

Let's assume that the amount of salary arrears amounted to 590,000 rubles. The delay period is 32 days. During the delay, the key rate was in effect - 8.50%. To calculate compensation, wage arrears must be multiplied by 1/150 of the key rate and the number of days of delay. Accordingly, compensation for each day will be 10,698.67 rubles. (RUB 590,000 × 8.50% / 150 × 32).

Penalties: taxes and fees

The amount of penalties that must be paid in case of untimely transfer of taxes or insurance contributions to the budget depends on the size of the key rate. By the way, from October 1, the procedure for calculating tax penalties (for delays in paying taxes and contributions transferred to the Federal Tax Service) is changing. Thus, for debts arising from October 1, 2017, their rate depends on the number of days of delay:

in case of delay of up to 30 calendar days inclusive, penalties are calculated based on 1/300 of the Central Bank refinancing rate, which is equal to the key rate;
in case of delay of more than 30 calendar days: for the first 30 days based on 1/300 of the rate, and for subsequent days - based on 1/150 of the rate.

Note: new order applies only to organizations - individual entrepreneurs and individuals pay penalties based on 1/300 of the rate, regardless of the period of delay.

If the Federal Tax Service does not return taxes and contributions

If the Federal Tax Service has returned the overpayment of taxes or insurance premiums with a delay, then the tax authorities are obliged to pay interest to the company or individual entrepreneur at the key rate (Article 78 of the Tax Code of the Russian Federation). By general rule, they must transfer the money to the current account within a month after they received the application for the return of the overpayment (clause 6 of Article 78 of the Tax Code of the Russian Federation). But tax authorities may not meet this deadline. Then you need to calculate interest taking into account the key rate

Example. The organization filed an application for a refund of overpayment of tax in the amount of 276,000 rubles. However, the tax authorities returned the overpayment 22 days late. The accountant submitted an application to the Federal Tax Service for payment of interest for the delay in tax refund. The amount of interest was 1414 rubles. (276,000 × 8.5% / 365 days × 22 days).

Material benefits from loans

If an organization or individual entrepreneur has issued an employee, founder, to CEO or other individuals loan, then the accountant needs to calculate personal income tax on a monthly basis on material benefits. It occurs if the amount of interest on the loan is less than 2/3 of the key rate (subclause 1, clause 2, article 212 of the Tax Code of the Russian Federation). Personal income tax must be withheld from income at a rate of 35 percent (clause 2 of Article 224 of the Tax Code of the Russian Federation). In this case, the material benefit must be calculated monthly - on the last day of each month during the period for which the loan was received.

Example. In 2017, the organization issued the director an interest-free loan for a year. The loan amount is RUB 900,000. The material benefit for a full month (October 2017) will be 4331.50 rubles. (RUB 900,000 × 2/3 × 8.50% / 365 days × 31 days). Personal income tax will be 1516 rubles. (4331.50 × 35%).

Blocking accounts

Taxpayers must pay interest at the key rate for each calendar day of illegal blocking of the current account of an organization or individual entrepreneur (clause 9.2 of Article 76 of the Tax Code of the Russian Federation). Let’s say in 2017, the Federal Tax Service illegally blocked a company’s account for a period of 12 days. There were 340,000 rubles in the blocked account. The amount of interest for illegal account blocking will be 950.13 rubles. (RUB 340,000 × 12 days × 8.50% / 365 days).

Interest on late obligations (penalty)

If suppliers (sellers) or buyers violated the terms of the contract, then they can be required to compensate for losses. There are three types of this kind of compensation:

penalty (fine, penalty);
interest on arrears;
legal interest for the use of money.

It is possible to collect both the penalty and interest at the same time only if the parties have specified such a condition in the contract (Articles 317.1, 330 and 395 of the Civil Code of the Russian Federation).

Penalty

The condition of a penalty is prescribed in the contract (Article 331 of the Civil Code of the Russian Federation). IN business environment There are two types of penalties:

fines (flat amount or percentage of the amount);
interest or penalties (for days when the counterparty did not fulfill obligations under the contract or performed in violation).

The amount of the penalty and the calculation procedure are established in the contract. Most often, the parties fix the penalty based on 1/300 of the key rate.

Interest on overdue

If the counterparty does not pay under the contract on time or repays the debt late, then the company or individual entrepreneur has the right to collect interest from him for each day of delay. The interest rate is usually specified in the contract. If the amount of interest is not specified in the contract, then the amount of interest is calculated based on the key rate for periods of delay. When calculating interest, the actual number of days in the year and month are taken into account. The amount of interest is calculated using the formula:

Legal interest

Interest can be accrued for the period of use of money when it is expressly provided for by law or contract. This is the so-called “legal interest”. If neither the law nor the agreement states such legal interest, then it is impossible to demand it from the counterparty. If the parties initially agree not to charge legal interest, then this is not written in the agreement. Such rules have been prescribed in Article 317.1 of the Civil Code of the Russian Federation since August 1, 2016.

However, until August 1, 2016, the creditor was entitled to "legal interest" by default. They were accrued automatically, unless otherwise provided by law or agreement (Article 317.1 of the Civil Code of the Russian Federation as amended before August 1, 2016). These interests are also calculated based on the key rate that was in effect during the period of use of the funds.

The key rate is decisive in the policy of the Bank of Russia and the calculations of financiers. Let's talk about the values of the key rate of the Central Bank of the Russian Federation in 2019 and its dynamics.

The key rate is the main instrument of monetary policy in the Russian Federation, which determines the cost of liquidity provided to banks. The key rate means the middle of the Bank of Russia rate corridor. In addition, financiers use the rate in their calculations, so it is important to know and apply current figures.

Key rate of the Central Bank of the Russian Federation 2019

By the decision of the Bank of Russia dated 02/08/2019, the key rate of the Central Bank of the Russian Federation was kept at the same level - 7.75% per annum. The regulator publishes the current rate on the official website.

The next time the Central Bank will review the key rate is on March 22, 2019. It is possible that she will be promoted at this meeting.

The Central Bank considered the issue of the rate level at its meeting on February 8, 2019. Changes in external conditions that have occurred since the previous meeting of the Board of Directors have significantly increased pro-inflationary risks. The Bank of Russia forecasts annual inflation in the range of 5–5.5% at the end of 2019 with a return to 4% in 2020.

Key rate of the Central Bank of the Russian Federation in 2019: table

Period	Rate, % per annum
12/17/2018 - today	7,75
14.09.2018 - 17.12.2018	7,50
26.03.2018 - 13.09.2018	7,25
12.02.2018-25.03.2018	7,50
18.12.17 - 11.02.2018	7,75
30.10.17 – 17.12.17	8,25
18.09.17 – 29.10.17	8,50
19.06.17 – 17.09.17	9,00
02.05.17 – 18.06.17	9,25
27.03.17 – 01.05.17	9,75
19.09.16 – 26.03.17	10,00
14.06.16 – 18.09.16	10,50
03.08.15 – 13.06.16	11,00
16.06.15 – 02.08.15	11,50
05.05.15 – 15.06.15	12,50
16.03.15 – 04.05.15	14,00
02.02.15 – 15.03.15	15,00
16.12.14 – 01.02.15	17,00
12.12.14 – 15.12.14	10,50
05.11.14 – 11.12.14	9,50
28.07.14 – 04.11.14	8,00
28.04.14 – 27.07.14	7,50
03.03.14 – 27.04.2014	7,00
13.09.13 – 02.03.14	5,50

Key rate of the Central Bank of the Russian Federation for 2019: forecast for loans

Raising the rate, on the one hand, leads to an increase in the cost of loans for banks, which in turn increase interest rates on loans for households and businesses.

Real estate market experts predict an increase in mortgage rates. After all, the key rate is increased for the second time in a row. True, the rise in rates can be balanced by incentive measures to maintain demand for housing and credit, as was the case in 2015-2016. At the end of November, the head of the Russian Ministry of Construction, Vladimir Yakushev, proposed launching a mortgage subsidization program.

On the other hand, when the rate increases, the return on deposits increases and the national currency strengthens.

Key rate of the Central Bank of the Russian Federation 2019 in calculations

The rate of the Central Bank of the Russian Federation is used when calculating:

penalties for non-payment of taxes (Article 75 of the Tax Code of the Russian Federation);
interest for late tax refunds (Article 78 of the Tax Code of the Russian Federation);
interest for illegal blocking or untimely unblocking of an account (Article 76 of the Tax Code of the Russian Federation);
compensation for delayed wages and other payments to employees (Article 236 of the Labor Code of the Russian Federation).
material benefits from savings on interest (Article 212 of the Tax Code of the Russian Federation), etc.

Changes in the key rate are reflected in calculations. The rate level affects the cost of loans. If it decreases, loans for companies become cheaper and more accessible. At the same time, replacing the refinancing rate with a key rate, as well as increasing the rate during the year, leads to an increase in the amount of fines under agreements with counterparties, penalties for late payment of taxes, etc.

Key rate of the Central Bank of the Russian Federation and calculation of penalties

Inspectors and funds calculate penalties from 1/300 of the key rate of the Central Bank of the Russian Federation from the unpaid amount for each day of delay (clause 4 of article 75 of the Tax Code of the Russian Federation, part 6 of article 25 of law No. 212-FZ). The penalty must be paid from the day following the established payment date until the day the arrears are repaid (clauses 57, 61 of the Resolution of the Plenum of the Supreme Arbitration Court of the Russian Federation dated July 30, 2013 No. 57).

When calculating, you must apply the rate that was in effect on the days of delay. Penalties need to be calculated at different rates.

Example

The debt arose before October 1. The company had to pay 1/3 of the VAT for the 1st quarter in the amount of 2 million rubles no later than May 25, 2017. The organization paid the tax only on October 10, 2017. The delay from May 26 to June 18 was 24 days, from June 19 to September 17 – 91 days, from September 18 to October 9 – 22 days. The company will pay penalties in the amount of RUB 81,866.67. (RUB 2,000,000 × 9.25% × 1/300 × 24 days + RUB 2,000,000 × 9% × 1/300 × 91 days + RUB 2,000,000 × 8.5% × 1/ 300 × 22 days).

The debt arose after October 1. For October the company accrued insurance premiums in the amount of 150,000 rubles. The payment deadline is November 15th. But the company paid them only on December 29. The number of days of delay from November 16 to December 31 is 42 days. The fine will be 2295 rubles. (RUB 150,000 × 8.5% × 1/300 × 30 days + RUB 150,000 × 8.5% × 1/150 × 12 days).

From October 1, 2017, penalties for taxes overdue for more than 30 days have increased. Amendments to the Tax Code of the Russian Federation were introduced by Federal Law No. 130-FZ dated May 1, 2016.

Now inspectors calculate penalties for delays from 1 to 30 days inclusive based on 1/300 of the Central Bank key rate. From the 31st day - 1/150 of the key rate. Tax authorities will charge increased penalties for arrears that arise after October 1, 2017. For individuals and entrepreneurs, penalties will not increase.

Key rate of the Central Bank of the Russian Federation and interest calculation

Interest under Article 317.1 of the Civil Code of the Russian Federation is determined at the key rate, which is in effect during the periods when the debtor used the money. The parties have the right to determine another percentage in the contract. If the agreement states that the creditor has the right to receive interest, but the rate is not determined, then until December 17, 2018, a rate of 7.50% must be used, and from December 18 - 7.75%.

Example

On December 1, the buyer received goods in the amount of 1,000,000 rubles, and paid on December 20. There are no special provisions in the contract regarding the legal interest rate. Key rate from December 2 to December 17 (16 days) – 7.50%, from December 18 to December 20 (3 days) – 7.75%. Interest for use – 3924.65 rubles. (RUB 1,000,000 × 7.50%: 365 days × 16 days + RUB 1,000,000 × 7.75%: 365 days × 3 days).

Interest under Article 395 of the Civil Code of the Russian Federation is determined at the key rate in effect during the periods when the debtor used the money. The parties have the right to determine another percentage in the contract.

Key rate of the Central Bank of the Russian Federation and calculation of compensation for salary delays

The amount of compensation is determined based on 1/300, and from October 3, 2016 - based on 1/150 of the Central Bank refinancing rate (Article 236 of the Labor Code of the Russian Federation as amended. Federal Law dated July 3, 2016 No. 272-FZ). From January 1, the refinancing rate is equal to the key rate (Instruction of the Bank of Russia dated December 11, 2015 No. 3894-U). When calculating, you must apply the rate that was in effect on the days of the delay. Since the rate has changed since September 19, compensation must be determined at different rates.

Example

The first half of the salary for September in the amount of 40,000 rubles. the employee should have been issued on September 15. The company listed her on September 22. The key rate from September 16 to 17 is 9% (delay is 2 days), from September 18 to 22 is 8.5% (delay is 5 days). The amount of compensation is 161.33 rubles. (RUB 40,000 × 9% × 1/150 × 2 days + RUB 40,000 × 8.5% × 1/150 × 5 days).

Key rate of the Central Bank of the Russian Federation and calculation of benefits from savings on loans

The key rate of the Central Bank is used when calculating personal income tax on the material benefit that the employee received from saving on interest. For example, if you received an interest-free loan in rubles.

From January 1, 2016, the date of receipt of income is considered to be the last day of the month during the period for which the company issued the loan (subclause 7, clause 1, article 223 of the Tax Code of the Russian Federation). Therefore, the rate of the Central Bank of the Russian Federation must be taken on the last day of the month. If an employee repays part of the loan within a month, the benefit must be calculated for each amount.

Example

On September 1, an employee received an interest-free loan of 100,000 rubles. for a year. On September 30, it is necessary to determine the material benefit based on the rate of 8.5%, and calculate personal income tax at a rate of 35%. The benefit will be 450.23 rubles. (RUB 100,000 × 2/3 × 8.5%: 365 days × 29 days). Personal income tax – 158 rub. (RUB 450.23 × 35%).

Key rate of the Central Bank of the Russian Federation and refund of taxes and contributions

If taxes or contributions are not returned on time, the controllers must return the amount with interest.

Inspectors must calculate interest for late tax returns based on the actual length of the year (365 or 366 days). The duration of the delay is calculated by the day when the funds were received into the company’s account. This procedure applies both in the event of a delay in the return of excessively collected taxes, and in the event of a delay in VAT refund (clause 5 of Article 79, clause 10 of Article 176 of the Tax Code of the Russian Federation, letter of the Ministry of Finance of Russia dated October 29, 2014 No. 03-02-08/54846, resolution Presidium of the Supreme Arbitration Court of the Russian Federation dated January 21, 2014 No. 11372/13).

Example

On September 12, the inspection was supposed to return the tax overpayment in the amount of 500,000 rubles, but transferred the money only on September 20. The delay was from September 13 to 17 - 5 days, from September 18 to 20 - 3 days. Interest for late return – RUB 965.76. (RUB 500,000 × 9%: 365 days × 5 days + RUB 500,000 × 8.5%: 365 days × 3 days).

Key rate of the Central Bank of the Russian Federation and calculation of interest for illegal account blocking

The question of how much the rate should be divided is 366 or 360 days. According to tax authorities, interest should be calculated from the actual number of days in a year. That is, 365 or 366 days (in a leap year). But this order is not written anywhere. And companies manage to prove in court that when calculating interest, 360 days must be taken into account (resolution of the Twelfth Arbitration Court of Appeal dated December 1, 2011 No. A57-8311/2011). This is more profitable, since the amount will be higher.

Example

On September 12, inspectors illegally blocked the current account. The company account had 2,000,000 rubles. The account was unblocked on September 20. The money was frozen from June 12 to 17 - 6 days, from September 18 to 20 - 3 days.

Unfavorable calculation. The inspectorate calculates interest for illegal blocking based on the actual number of days in a year - 365 days. The interest is equal - 4356.16 rubles. (RUB 2,000,000 × 9%: 365 days × 6 days + RUB 2,000,000 × 8.5%: 365 days × 3 days).

Favorable calculation. The company requires interest to be returned based on 360 days. Then the amount will be 4416.67 rubles. (RUB 2,000,000 × 9%: 360 days × 6 days + RUB 2,000,000 × 8.5%: 360 days × 3 days). And this is 60.51 rubles more. (4416.67 – 4356.16).

The new key rate of the Central Bank of the Russian Federation for 2019 is valid from December 17. The key rate today is 7.75%. It will be changed until February 8th, when another one will pass Central Bank meeting. See the table for the dynamics of changes in the key rate until 2019.

What is the key rate of the Central Bank of the Russian Federation set for 2019 from December 17

Before January 1, 2019, the rate was increased twice. From September 17, 2018, the rate was increased from 7.25 to 7.5 percent. On December 17, the rate was increased by another 0.25 percentage points to 7.75 percent. See the table for a schedule of changes in the key rate of the Central Bank of the Russian Federation.

Key rate of the Central Bank of the Russian Federation for today: table of changes until 2019

When the rate was valid	Size, % per annum
2019 - 2018
from December 17 to today	7,75











2016

What is the key rate of the Bank of Russia in simple words

The key rate is the interest rate on the main operations of the Bank of Russia to regulate the liquidity of the banking sector. It was introduced in 2013 (information from the Bank of Russia dated September 13, 2013). The key rate of the Central Bank in simple words is minimum size percentage at which commercial banks can take a short-term loan from the Central Bank for a period of no more than a week (seven days). At the same rate, the bank can deposit funds with the Central Bank of the Russian Federation. In this regard, you need to compare interest rates on loans that the company issued to familiar organizations with the key rate.

It turns out that the key rate of the Central Bank of the Russian Federation, in clear language, is the rate on which interest rates on loans from commercial banks directly depend. How more value, the higher the interest rate a commercial bank offers loans to organizations and the population. It is not profitable for banks to issue loans at a lower rate - in this case they will work at a loss. Bank deposit rates also depend on the key rate. The lower it is, the lower the interest rate you can put your money in the bank.

What does the key rate affect?

By changing the key rate, the Central Bank controls the level of inflation in the country and adjusts the amount of money that banks use. To reduce inflation, the Central Bank of the Russian Federation raises the rate. Because of this, banks increase rates on loans and deposits. As a result, purchasing power decreases, pressure on the ruble falls, and inflation rates slow down. The changes will also directly impact accounting.

In addition to inflation, through the key rate, the Bank of Russia influences speculation in the currency market. As the rate increases, they become more dangerous. With a low value, you could take money at a small percentage and spend it all on buying foreign currency. Then sell it for more high rate. The difference should cover the loan fee to the loan. As the rate increased, this scheme stopped working so effectively.

True, there is one reason why the Bank of Russia is in no hurry to raise rates. Without “cheap” loans, a business will not be able to develop. This slows down economic growth.

The population also takes out fewer loans. After all, getting money from a bank is more difficult, and the interest rate is higher. Purchasing power decreases, which also negatively affects business - economic growth decreases, new jobs are not created, and the budget receives less taxes.

Today, the Central Bank rate will perform the following functions:

determines the amount of penalties for transferring taxes and insurance premiums too late;
helps calculate tax on income from interest savings;
limits the minimum compensation for delayed wages;
affects the calculation of tax on deposit interest.

Key rate for calculating penalties

After submitting your reports, you may find out that you need to make adjustments to the data of the previous period and pay additional taxes or contributions. Submit an update with the amount of tax to be paid additionally. But first, pay the arrears and penalties (Clause 4, Article 81 of the Tax Code of the Russian Federation). Otherwise, tax officials will fine the company 20 percent of the arrears.

Calculate penalties on the company's debt in the amount of 1/300 of the rate of the Central Bank of the Russian Federation for each day of delay during the first 30 days and 1/150 of the rate starting from the 31st day. The penalty for the entrepreneur’s debt is 1/300 of the Central Bank rate for each day of delay. If the key rate increases, penalties must be calculated taking into account the new indicator.

Benefit from saving on interest

If a company or entrepreneur has issued an interest-free loan to an individual or at an interest rate that is less than 2/3 of the Central Bank rate, calculate the material benefit monthly (subclause 1, clause 2, article 212 of the Tax Code of the Russian Federation). To calculate, take the key rate that is valid for last number month.

Compensation for delayed wages

If you do not pay compensation, labor inspectors during an inspection may fine the company up to 50,000 rubles, the director - up to 20,000 rubles, and the entrepreneur - up to 5,000 rubles. (Clause 6, Article 5.27 of the Code of Administrative Offenses of the Russian Federation). You can calculate compensation using a special calculator in the Glavbukh System.

What is the key rate of the Central Bank of the Russian Federation for today in 2018? What is the “key rate” of the Central Bank of the Russian Federation? Where can I see a summary table of the Bank of Russia key rate values? How does a reduction in the key rate affect loans and deposits? What do businessmen and accountants need to know about the key rate? We will answer the main questions and provide a single table with rates.

Key rate value today

The key rate is the interest rate on the main operations of the Bank of Russia to regulate the liquidity of the banking sector. This indicator is considered an indicator of monetary policy. The concept of “key rate” was introduced by the Bank of Russia on September 13, 2013. And from January 1, 2016, the Bank of Russia equated the refinancing rate to the value of the key rate (directive of the Bank of Russia dated December 11, 2015 No. 3894-U). The key rate of the Central Bank of the Russian Federation for today is shown in the table (by year):

Key rate sizes
The period from which the rate is set	Key rate (%, per annum)	Base
30.04.2018	7,25	Information from the Bank of Russia 04/27/2018
26.03.2018	7,25	Information from the Bank of Russia 03/23/2018
09.02.2017	7,5	Information from the Bank of Russia dated 02/09/2018
18.12.2017	7,75	Information from the Bank of Russia dated December 15, 2017
October 30, 2017	8,25	Information from the Bank of Russia dated 10/17/2017
September 18, 2017	8.5	Information from the Bank of Russia dated September 15, 2017
from June 19, 2017	9	Information from the Bank of Russia dated June 16, 2017
from May 2, 2017	9.25	Information from the Bank of Russia dated April 28, 2017
from March 27, 2017	9.75	Information from the Bank of Russia dated March 24, 2017
from September 19, 2016	10	Information from the Bank of Russia dated September 16, 2016
from June 14, 2016	10.5	Information from the Bank of Russia dated June 10, 2016
from August 3, 2015	11	Information from the Bank of Russia dated July 31, 2015
from June 16, 2015	11.5	Information from the Bank of Russia dated June 15, 2015
from May 5, 2015	12.5	Information from the Bank of Russia dated April 30, 2015
from March 16, 2015	14	Information from the Bank of Russia dated March 13, 2015
from February 2, 2015	15	Information from the Bank of Russia dated January 30, 2015
from December 16, 2014	17	Information from the Bank of Russia dated December 16, 2014
from December 12, 2014	10.5	Information from the Bank of Russia dated December 11, 2014
from November 5, 2014	9.5	Information from the Bank of Russia
from July 28, 2014	8	Information from the Bank of Russia dated July 25, 2014
from April 28, 2014	7.5	Information from the Bank of Russia dated April 25, 2014
from March 3, 2014	7	Information from the Bank of Russia dated 03/03/2014
from September 13, 2013	5.5	Information from the Bank of Russia dated September 13, 2013

Also on the website of the Central Bank of the Russian Federation you can always find the official key interest rate for today. Information is displayed on home page Central Bank:

Many people quite often come across various news about the key rate on television, radio or on the Internet. So, for example, recently there has been more and more news about the reduction of the key rate of the Central Bank of the Russian Federation? But how should we approach this? Is it good or bad? Many people don’t think about this and believe that the trend towards lowering the key rate does not affect their lives in any way. But is this really so?

If an increase or decrease in the key rate is not so important for ordinary people, then why does the news about the next meeting of the Central Bank of the Russian Federation on the issue of changing the key rate occupy the top lines? We will talk about this further and give examples of the impact of the size of the key rate not only on ordinary citizens, but also on business.

How the Central Bank of the Russian Federation changes the value of the key rate

Only the regulator, the Bank of Russia (Central Bank of the Russian Federation), has the right to increase or decrease the key rate. For these purposes, special meetings are held at which the commission decides on the possibility of adjusting the current key rate. Following the results of such meetings, the Central Bank of the Russian Federation issues press releases about the decisions made, which are published on the website of the Central Bank. The key rate is reduced or raised by “basis points”. Therefore, in official data the abbreviation “bp” is usually used.

Official press releases, as a rule, describe in some detail the prerequisites for making a particular decision on the key refinancing rate. So, for example, in a press release dated September 15, 2017, the Central Bank of the Russian Federation announced a reduction in the key rate by 0.5 percentage points to 8.5%. It is explained that the following factors were taken into account when making this decision:

inflation dynamics;
monetary conditions;
economic activity;
inflation risks.

On October 27, 2017, the Central Bank continued to reduce the key rate and lowered it to 8.25 percent. The Central Bank noted the continued economic growth and increased inflation expectations. The Central Bank intends to continue to move from moderately tight to neutral monetary policy.

Why do bankers analyze these indicators? How, for example, are economic activity and inflation in a country related to the size of the key rate? This will be discussed further.

The calendar of meetings of the Central Bank of the Russian Federation on the key rate can be found on the Bank of Russia website. It is posted at this link. For example, the next meeting on the rate is expected on October 27, 2017.

Key rate: loans and deposits

The key interest rate is the rate at which the Central Bank can provide loans to commercial banks. Also, at the key rate, the Central Bank is ready to accept money from banks for deposits. Let us explain these questions in more detail.

Loans

From a practical point of view, commercial banks cannot take money from the Central Bank and issue it in the form of loans to the population or business, since the Central Bank of the Russian Federation can issue money at the key rate only for a short period of time - 7 days. At the same time, for example, mortgage loans are long-term and are issued for several years. Therefore, to issue loans, banks must have other sources of financing (for example, own funds). However, if the opportunity for banks to obtain money from other sources ceases, then the bank turns to the Central Bank for help.

Thus, adjustments to the Central Bank’s key rate affect changes in the rates at which banks offer loans (including mortgages) to the population. And if the key rate decreases, then this is a signal to reduce rates on bank loans. And cheaper borrowed funds, in turn, will allow industry to develop more actively and increase the demand for consumer loans and mortgages among citizens.

Recently, the key rate has been gradually decreasing. So, for example, if on September 19, 2016 its size was 10 percent per annum, then a year later (as of September 18, 2017) the key rate dropped to 8.5 percent (see table above).

Along with the key rate, commercial banks reduce loan rates. For example, from June 1, 2017, Sberbank reduced interest rates on housing loans for the purchase of new buildings, and from June 5, on other basic mortgage products. The decrease was 0.20-0.75 percentage points. It is noted that Sberbank is observing a stable recovery in demand for mortgages: the volume of applications since the beginning of 2017 has been growing compared to the same period in 2016.

Here are other examples. The Bank of Russia decided to reduce the key rate by 50 basis points from September 18, 2017 to 8.50% per annum. In such conditions, approximate mortgage rates for new buildings start at 9 percent per annum.

The key rate is not the only reason, affecting demand in the mortgage sector. Lowering the rate creates conditions for the formation of more interesting products in the lending market as a whole. However, a powerful driver in shaping the demand for mortgages in general is the general state of the economy and people’s confidence in the future.

Deposits

A decrease in the key rate leads to a reduction in deposit rates. And this wave is justified, since it simply becomes unprofitable for banks to attract deposits from individuals and businesses at a higher interest rate.

The point is that when a person or organization opens a deposit in a bank, he, in essence, lends money to the bank for a certain period. For this, the bank pays him income in the form of annual interest. Why should a bank pay more on a deposit than the key rate, if at the key rate a commercial bank can borrow money from the Central Bank? And in quite large volumes. Understanding this, banks accept deposits from the public or business at a lower percentage than the official key rate.

It would be strange if banks borrowed money from the population at rates exceeding the key rate. After all, if deposit rates exceed the key rate, then banks will work at a disadvantage. For example, with the official key rate at 8.5 percent, even the most “profitable” deposits are offered by banks at lower interest rates.

If you are offered to open deposits at rates that exceed the key rate, then be especially careful. This should, at a minimum, alert a potential investor.

A decrease in the key rate leads to a decrease in deposit rates, which, in turn, forces the population and business to look for an alternative to bank deposits.
The key rate determines the price of money for commercial banks, and they, in turn, provide loans to companies and individuals. If the Central Bank of the Russian Federation raises the key rate, then money becomes more expensive, and this along the chain leads to commercial banks raising their rates on loans and deposits for the population and enterprises.

And vice versa: If the Central Bank of the Russian Federation increases the key rate, then it becomes more expensive for banks to borrow money from the Central Bank of the Russian Federation. And banks are raising deposit rates. In this way, banks attract money from the population and business on more favorable terms for themselves and investors. So, for example, when during the crisis the key rate jumped to 17% per annum, banks also began to raise deposit rates. Then you could find the following news:

However, when the key rate began to decline, deposit rates also crept down.

Key rate and inflation: relationship

The Bank of Russia uses the key rate to influence inflation. The plans of the Central Bank of Russia include small inflation - at the level of 4% per year. The regulator’s economists analyze the data and make a calculation: what should the key rate be at the moment in order for inflation to decrease and the economy to work.

And vice versa: if the Bank of Russia lowers the key rate, money becomes cheaper, interest rates on loans and deposits for households and firms are reduced, everyone takes out more loans, spends more, invests more, and saves less. This leads to increased demand and accelerated inflation.

Does the dollar exchange rate affect the key rate? Certainly! The country's economy depends on the dollar exchange rate. The state of the economy is related to consumer lending. And lending is linked to the key rate. Further in the table you can trace the dynamics of growth and decline in inflation in relation to changes in the key refinancing rate in 2015-2017:

How the key rate affects business

A change in the key rate entails not only a change in lending and investment conditions. There are a number of business issues that are related to the value of the key rate. Let's talk about them. In this case, in our calculations we will take into account the key rate in force since September 18, 2017 – 8.5 percent. Therefore, keep in mind that you may need to use a different key rate figure in your calculations.

Compensation for delayed salary payment

If an employer fails to pay employees wages (vacation pay or dismissal pay) on time, then the employees are entitled to compensation for the delay. This is provided for in Article 236 of the Labor Code of the Russian Federation. The amount of compensation for delayed wages is determined in the collective or labor agreement. If the amount of compensation is not established by an employment or collective agreement, then it is calculated based on 1/150 of the key rate for each day of delay. Compensation for delayed wages is calculated using the formula:

Penalties for taxes and insurance premiums

in case of delay of up to 30 calendar days inclusive, penalties are calculated based on 1/300 of the Central Bank refinancing rate, which is equal to the key rate;
in case of delay of more than 30 calendar days: for the first 30 days based on 1/300 of the rate, and for subsequent days - based on 1/150 of the rate.

Late refund of taxes and contributions

If the Federal Tax Service has returned the overpayment of taxes or insurance premiums with a delay, then the tax authorities are obliged to pay interest to the company or individual entrepreneur at the key rate (Article 78 of the Tax Code of the Russian Federation). As a general rule, they must transfer money to the current account within a month after they received an application for the return of the overpayment (clause 6 of Article 78 of the Tax Code of the Russian Federation). But tax authorities may not meet this deadline. Then you need to calculate interest taking into account the key rate using the formula:

Material benefits from loans

If an organization or individual entrepreneur issued a loan to an employee, founder, general director or other individuals, then the accountant needs to calculate personal income tax on a monthly basis for material benefits. It occurs if the amount of interest on the loan is less than 2/3 of the key rate (subclause 1, clause 2, article 212 of the Tax Code of the Russian Federation). Personal income tax must be withheld from income at a rate of 35 percent (clause 2 of Article 224 of the Tax Code of the Russian Federation). In this case, the material benefit must be calculated monthly - on the last day of each month during the period for which the loan was received.

Freeze accounts

Interest on late obligations and legal interest

If suppliers (sellers) or buyers violated the terms of the contract, then they can be required to compensate for losses. There are three types of this kind of compensation:

penalty (fine, penalty);
interest on arrears;
legal interest for the use of money.

Penalty

The condition of a penalty is prescribed in the contract (Article 331 of the Civil Code of the Russian Federation). In the business environment, two types of penalties are used:

fines (flat amount or percentage of the amount);
interest or penalties (for days when the counterparty did not fulfill obligations under the contract or performed in violation).

The amount of the penalty and the calculation procedure are established in the contract. Most often, the parties fix the penalty based on 1/300 of the key rate.

Interest on overdue

Legal interest

Key Rate Key Takeaways

So, now we present the main conclusions about the key rate that an ordinary citizen or businessman needs to understand:

if the key rate decreases, then loans become more accessible;
if the key rate decreases, then deposits become less attractive;
An increase in the key rate entails an increase in rates on deposits and loans.
the key rate affects inflation.

If you are running a business, then the key rate affects the following indicators for you:

penalties for late payment of taxes and contributions;
compensation for delayed wages;
interest on late obligations and legal interest;
material benefit from loans.

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.

Refinancing rate / Key rate / of the Bank of Russia for today, i.e. from December 17, 2018, is 7.75%. The next Board of Directors of the Bank of Russia, held on February 8, 2019, decided to maintain the key rate at 7.75% per annum. This key rate (7.75%) will remain in effect until March 22, 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 December 17, 2018, the refinancing rate is also 7.75%.

The decision taken is proactive in nature and is aimed at limiting inflation risks that remain elevated level, especially in the short term. Uncertainty remains regarding further development external conditions, as well as the reaction of prices and inflation expectations to the upcoming VAT increase. Raising the key rate will help prevent inflation from becoming stable at a level significantly higher than the Bank of Russia’s target.

Taking into account decision taken The Bank of Russia forecasts annual inflation in the range of 5.0–5.5% at the end of 2019 with a return to 4% in 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 at the end of 2018 and the beginning of 2019

On February 8, 2019, the Board of Directors of the Bank of Russia decided to maintain the key rate at 7.75% per annum. The refinancing rate (unofficial) will also be 7.75% per annum.

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

Inflation dynamics. Annual inflation in January 2019 corresponded to the lower limit of the Bank of Russia’s expectations. In January, the annual growth rate of consumer prices increased to 5.0% (from 4.3% in December 2018). The contribution of the VAT increase to the annual growth rate of consumer prices in January was moderate. The full impact of VAT on inflation can be assessed no earlier than April of this year. Significant role the increase in inflation in January was due to the increase in the growth rate of prices for foodstuffs to 5.5% (from 4.7% in December 2018). The acceleration of food inflation is largely of a recovery nature after its significant decline in the second half of 2017 - the first half of 2018. In addition, price adjustments to the weakening of the ruble that occurred in the second half of 2018 are being completed. Prices for non-food goods and services over the past 12 months have increased less than in the food market.
In January, enterprises' price expectations increased due to the earlier weakening of the ruble and an increase in VAT. The population's inflation expectations increased slightly.
According to the forecast of the Bank of Russia, under the influence of the VAT increase and the weakening of the ruble that occurred in 2018, annual inflation will temporarily accelerate, reaching a maximum in the first half of 2019, and will amount to 5.0–5.5% at the end of 2019. The quarterly growth rate of consumer prices in annual terms will slow down to 4% in the second half of 2019. Annual inflation will return to 4% in the first half of 2020, when the effects of the weakening of the ruble and the VAT increase will be exhausted.
Monetary conditions. Since the previous meeting of the Board of Directors of the Bank of Russia, monetary conditions have not changed significantly. Dynamics interest rates in various segments of the domestic financial market was multidirectional. OFZ yields decreased amid the stabilization of the situation in foreign markets. financial markets. Rates on the deposit and credit market increased slightly. Maintaining positive real interest rates on deposits and bonds will support the attractiveness of savings and balanced consumption growth.
Economic activity. According to Rosstat’s first estimate, GDP growth for 2018 was 2.3%, which is higher than the Bank of Russia’s forecast of 1.5–2%. However, in the last months of 2018, business growth slowed. In December, the growth rates of industrial production, the volume of construction work, real wages and turnover decreased retail. The Bank of Russia maintains its GDP growth forecast of 1.2–1.7% in 2019. The VAT increase may have a slight dampening effect on business activity, mainly at the beginning of the year. Additional received budget resources Already in 2019, they will be aimed at increasing government spending, including of an investment nature. In subsequent years, economic growth rates may increase as planned structural measures are implemented.
Inflation risks. The balance of risks remains shifted towards pro-inflationary risks, especially in the short term due to the increase in VAT and price dynamics for certain food products. Uncertainty remains regarding the further development of external conditions and their impact on the prices of financial assets. Despite the rise in oil prices in January 2019, the risks of supply exceeding demand in the oil market in 2019 remain elevated.
Revisions to the expected pace of monetary tightening by the US Federal Reserve and other developed market central banks are reducing the risks of sustained capital outflows from emerging markets. At the same time, geopolitical factors may lead to increased volatility in commodity and financial markets and affect exchange rate and inflation expectations.
The Bank of Russia’s assessment of risks associated with the dynamics wages, possible changes in consumer behavior, budget expenditures, did not change significantly. These risks remain moderate.

The Bank of Russia will make decisions on the key rate, assessing the adequacy of the key rate increase in September and December 2018 to return annual inflation to the target in 2020, taking into account the dynamics of inflation and the economy relative to the forecast, as well as risks from external conditions and reactions to them financial markets.

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 March 22, 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. 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 this year, the refinancing rate began to play secondary importance and the Bank of Russia is provided 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.

At the beginning of 2019, the key rate of the Bank of Russia returned to 7.75% per annum and remains at this level for now.

Below are all the refinancing rates of the Central Bank of the Russian Federation, starting from 1992 and up to the date of cancellation of its independent official establishment.

Refinancing rates of the Central Bank of the Russian Federation

Period of validity of the refinancing rate	Refinancing rate (%)	Regulatory document
01/01/2016*	From this date, the value of the refinancing rate corresponds to the value of the key rate of the Bank of Russia - on the corresponding installation date	Directive of the Bank of Russia dated December 11, 2015 No. 3894-U “On the refinancing rate of the Bank of Russia and the key rate of the Bank of Russia”
September 14, 2012 - December 31, 2015	8,25	Directive of the Bank of Russia dated September 13, 2012 No. 2873-U
December 26, 2011 - September 13, 2012	8,00	Directive of the Bank of Russia dated December 23, 2011 No. 2758-U
May 3, 2011 - December 25, 2011	8,25	Directive of the Bank of Russia dated April 29, 2011 No. 2618-U
February 28, 2011 - May 2, 2011	8,00	Directive of the Bank of Russia dated February 25, 2011 No. 2583-U
June 01, 2010 - February 27, 2011	7,75	Directive of the Bank of Russia dated May 31, 2010 No. 2450-U
April 30, 2010 - May 31, 2010	8,00	Directive of the Bank of Russia dated April 29, 2010 No. 2439-U
March 29, 2010 - April 29, 2010	8,25	Directive of the Bank of Russia dated March 26, 2010 No. 2415-U
February 24, 2010 – March 28, 2010	8,50	Directive of the Bank of Russia dated February 19, 2010 No. 2399-U
December 28, 2009 – February 23, 2010	8,75	Directive of the Bank of Russia dated December 25, 2009 No. 2369-U
November 25 - December 27, 2009	9,0	Directive of the Bank of Russia dated November 24, 2009 No. 2336-U
October 30, 2009 - November 24, 2009	9,50	Directive of the Bank of Russia dated October 29, 2009 No. 2313-U
September 30, 2009 – October 29, 2009	10,00	Directive of the Bank of Russia dated September 29, 2009 No. 2299-U
September 15, 2009 – September 29, 2009	10,50	Directive of the Bank of Russia dated September 14, 2009 No. 2287-U
August 10, 2009 – September 14, 2009	10,75	Directive of the Central Bank of the Russian Federation dated August 7, 2009 No. 2270-U
July 13, 2009 – August 9, 2009	11,0	Directive of the Central Bank of the Russian Federation dated July 10, 2009 No. 2259-U
June 5, 2009 – July 12, 2009	11,5	Directive of the Central Bank of the Russian Federation dated June 4, 2009 No. 2247-U
May 14, 2009 – June 4, 2009	12,0	Directive of the Central Bank of the Russian Federation dated May 13, 2009 No. 2230-U
April 24, 2009 - May 13, 2009	12,5	Directive of the Central Bank of the Russian Federation dated April 23, 2009 No. 2222-U
December 1, 2008 – April 23, 2009	13,00	Directive of the Central Bank of the Russian Federation dated November 28, 2008 No. 2135-U
November 12, 2008 – November 30, 2008	12,00	Directive of the Central Bank of the Russian Federation dated November 11, 2008 No. 2123-U
July 14, 2008 - November 11, 2008	11,00	Directive of the Central Bank of the Russian Federation dated July 11, 2008 No. 2037-U
June 10, 2008 – July 13, 2008	10,75	Directive of the Central Bank of the Russian Federation dated 06/09/2008 No. 2022-U
April 29, 2008 – June 9, 2008	10,5	Directive of the Central Bank of the Russian Federation dated April 28, 2008 No. 1997-U
February 4, 2008 – April 28, 2008	10,25	Directive of the Central Bank of the Russian Federation dated February 1, 2008 No. 1975-U
June 19, 2007 – February 3, 2008	10,0	Telegram of the Central Bank of the Russian Federation dated June 18, 2007 No. 1839-U
January 29, 2007 – June 18, 2007	10,5	Telegram of the Central Bank of the Russian Federation dated January 26, 2007 No. 1788-U
October 23, 2006 – January 22, 2007	11	Telegram of the Central Bank of the Russian Federation dated October 20, 2006 No. 1734-U
June 26, 2006 – October 22, 2006	11,5	Telegram of the Central Bank of the Russian Federation dated June 23, 2006 No. 1696-U
December 26, 2005 – June 25, 2006	12	Telegram of the Central Bank of the Russian Federation dated December 23, 2005 No. 1643-U
June 15, 2004 – December 25, 2005	13	Telegram of the Central Bank of the Russian Federation dated June 11, 2004 No. 1443-U
January 15, 2004 – June 14, 2004	14	Telegram of the Central Bank of the Russian Federation dated January 14, 2004 No. 1372-U
June 21, 2003 – January 14, 2004	16	Telegram of the Central Bank of the Russian Federation dated June 20, 2003 No. 1296-U
February 17, 2003 – June 20, 2003	18	Telegram of the Central Bank of the Russian Federation dated February 14, 2003 No. 1250-U
August 7, 2002 – February 16, 2003	21	Telegram of the Central Bank of the Russian Federation dated 06.08.2002 No. 1185-U
April 9, 2002 – August 6, 2002	23	Telegram of the Central Bank of the Russian Federation dated April 8, 2002 No. 1133-U
November 4, 2000 – April 8, 2002	25	Telegram of the Central Bank of the Russian Federation dated November 3, 2000 No. 855-U
July 10, 2000 – November 3, 2000	28	Telegram of the Central Bank of the Russian Federation dated July 7, 2000 No. 818-U
March 21, 2000 – July 9, 2000	33	Telegram of the Central Bank of the Russian Federation dated March 20, 2000 No. 757-U
March 7, 2000 – March 20, 2000	38	Telegram of the Central Bank of the Russian Federation dated March 6, 2000 No. 753-U
January 24, 2000 – March 6, 2000	45	Telegram of the Central Bank of the Russian Federation dated January 21, 2000 No. 734-U
June 10, 1999 – January 23, 2000	55	Telegram of the Central Bank of the Russian Federation dated 06/09/99 No. 574-U
July 24, 1998 – June 9, 1999	60	Telegram of the Central Bank of the Russian Federation dated July 24, 1998 No. 298-U
June 29, 1998 – July 23, 1998	80	Telegram of the Central Bank of the Russian Federation dated June 26, 1998 No. 268-U
June 5, 1998 – June 28, 1998	60	Telegram of the Central Bank of the Russian Federation dated 06/04/98 No. 252-U
May 27, 1998 – June 4, 1998	150	Telegram of the Central Bank of the Russian Federation dated May 27, 1998 No. 241-U
May 19, 1998 – May 26, 1998	50	Telegram of the Central Bank of the Russian Federation dated May 18, 1998 No. 234-U
March 16, 1998 – May 18, 1998	30	Telegram of the Central Bank of the Russian Federation dated March 13, 1998 No. 185-U
March 2, 1998 – March 15, 1998	36	Telegram of the Central Bank of the Russian Federation dated February 27, 1998 No. 181-U
February 17, 1998 – March 1, 1998	39	Telegram of the Central Bank of the Russian Federation dated February 16, 1998 No. 170-U
February 2, 1998 – February 16, 1998	42	Telegram of the Central Bank of the Russian Federation dated January 30, 1998 No. 154-U
November 11, 1997 – February 1, 1998	28	Telegram of the Central Bank of the Russian Federation dated November 10, 1997 No. 13-U
October 6, 1997 – November 10, 1997	21	Telegram of the Central Bank of the Russian Federation dated 01.10.97 No. 83-97
June 16, 1997 – October 5, 1997	24	Telegram of the Central Bank of the Russian Federation dated June 13, 1997 No. 55-97
April 28, 1997 – June 15, 1997	36	Telegram of the Central Bank of the Russian Federation dated April 24, 1997 No. 38-97
February 10, 1997 – April 27, 1997	42	Telegram of the Central Bank of the Russian Federation dated 02/07/97 No. 9-97
December 2, 1996 – February 9, 1997	48	Telegram of the Central Bank of the Russian Federation dated November 29, 1996 No. 142-96
October 21, 1996 – December 1, 1996	60	Telegram of the Central Bank of the Russian Federation dated October 18, 1996 No. 129-96
August 19, 1996 – October 20, 1996	80	Telegram of the Central Bank of the Russian Federation dated August 16, 1996 No. 109-96
July 24, 1996 – August 18, 1996	110	Telegram of the Central Bank of the Russian Federation dated July 23, 1996 No. 107-96
February 10, 1996 – July 23, 1996	120	Telegram of the Central Bank of the Russian Federation dated 02/09/96 No. 18-96
December 1, 1995 – February 9, 1996	160	Telegram of the Central Bank of the Russian Federation dated November 29, 1995 No. 131-95
October 24, 1995 – November 30, 1995	170	Telegram of the Central Bank of the Russian Federation dated October 23, 1995 No. 111-95
June 19, 1995 – October 23, 1995	180	Telegram of the Central Bank of the Russian Federation dated June 16, 1995 No. 75-95
May 16, 1995 – June 18, 1995	195	Telegram of the Central Bank of the Russian Federation dated May 15, 1995 No. 64-95
January 6, 1995 – May 15, 1995	200	Telegram of the Central Bank of the Russian Federation dated 01/05/95 No. 3-95
November 17, 1994 – January 5, 1995	180	Telegram of the Central Bank of the Russian Federation dated November 16, 1994 No. 199-94
October 12, 1994 – November 16, 1994	170	Telegram of the Central Bank of the Russian Federation dated October 11, 1994 No. 192-94
August 23, 1994 – October 11, 1994	130	Telegram of the Central Bank of the Russian Federation dated August 22, 1994 No. 165-94
August 1, 1994 – August 22, 1994	150	Telegram of the Central Bank of the Russian Federation dated July 29, 1994 No. 156-94
June 30, 1994 – July 31, 1994	155	Telegram of the Central Bank of the Russian Federation dated June 29, 1994 No. 144-94
June 22, 1994 – June 29, 1994	170	Telegram of the Central Bank of the Russian Federation dated June 21, 1994 No. 137-94
June 2, 1994 – June 21, 1994	185	Telegram of the Central Bank of the Russian Federation dated 01.06.94 No. 128-94
May 17, 1994 – June 1, 1994	200	Telegram of the Central Bank of the Russian Federation dated May 16, 1994 No. 121-94
April 29, 1994 – May 16, 1994	205	Telegram of the Central Bank of the Russian Federation dated April 28, 1994 No. 115-94
October 15, 1993 – April 28, 1994	210	Telegram of the Central Bank of the Russian Federation dated October 14, 1993 No. 213-93
September 23, 1993 – October 14, 1993	180	Telegram of the Central Bank of the Russian Federation dated September 22, 1993 No. 200-93
July 15, 1993 – September 22, 1993	170	Telegram of the Central Bank of the Russian Federation dated July 14, 1993 No. 123-93
June 29, 1993 – July 14, 1993	140	Telegram of the Central Bank of the Russian Federation dated June 28, 1993 No. 111-93
June 22, 1993 – June 28, 1993	120	Telegram of the Central Bank of the Russian Federation dated June 21, 1993 No. 106-93
June 2, 1993 – June 21, 1993	110	Telegram of the Central Bank of the Russian Federation dated 01.06.93 No. 91-93
March 30, 1993 – June 1, 1993	100	Telegram of the Central Bank of the Russian Federation dated March 29, 1993 No. 52-93
May 23, 1992 – March 29, 1993	80	Telegram of the Central Bank of the Russian Federation dated May 22, 1992 No. 01-156
April 10, 1992 – May 22, 1992	50	Telegram of the Central Bank of the Russian Federation dated April 10, 1992 No. 84-92
January 1, 1992 – April 9, 1992	20	Telegram of the Central Bank of the Russian Federation dated December 29, 1991 No. 216-91

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

Dynamics of the Bank of Russia Key Rate for the period 2016 - 2018 looks like this:

Validity period of the key rate	Key rate (refinancing rate*) -%
from December 17, 2018 - to March 22, 2019 (approximate date)	7,75
from September 17, 2018 - to December 16, 2018	7,50
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
from September 19, 2016 to March 26, 2017.	10,00
from June 14, 2016 - to September 18, 2016	10,50
from January 1, 2016 - to June 13, 2016	11,00

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 12/17/2018 to 02/08/2019) 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).