Table of dynamics of changes in the key rate of the Central Bank of the Russian Federation. Key rate

The key rate of the Central Bank of the Russian Federation today is identical to the refinancing rate. These concepts have been combined by the Bank of Russia since 2016 (Instruction No. 3894-U, dated December 11, 2015). The purpose of the key rate is that it denotes the minimum interest level established for loans that the Central Bank issues to commercial financial institutions. Additionally, this indicator fixes the maximum limit on the profitability of deposits that are opened by the Central Bank for banking organizations.

Key rate of the Central Bank of the Russian Federation for today (2018): why is it needed and what does it affect?

For enterprises and individual entrepreneurs, the size of the key rate is important when determining the amount of penalties for late payment of taxes (Article 75 of the Tax Code of the Russian Federation). Tax law sets the penalty for each day in proportion to the refinancing rate. The rule applies to both enterprises of all forms of ownership and areas of activity, as well as individuals. The value of the penalty can be calculated by the tax authority or the business entity itself.

What does the size of the key rate affect:

• with its help, the Central Bank can implement regulatory activities in the financial services market;
• it helps control inflation rates;
• this percentage acts as a starting point in calculating penalties by tax authorities or compensation for late payment of income to hired personnel;
• commercial credit institutions set rates for loan and deposit programs taking into account the current key rate (the interest rate on a loan from a commercial bank always exceeds the rate of the Central Bank of the Russian Federation).

A decrease in the rate provokes an increase in the volume of money in circulation. Following the adjustment in the base rate, commercial banks begin to lower their lending rates. This action may create conditions for increased activity in the domestic consumption market and for the intensification of industrial production. Negative side such a step will lead to increased inflation.

When the key rate increases, credit products become less profitable for both households and businesses. Periods with a high level of the key rate are characterized by a slowdown in economic growth. Positive side– increasing interest in deposits.

Key rate of the Central Bank of the Russian Federation in 2018: table

Current data on the key rate can be viewed on the website of the Central Bank of Russia. Since 2016, this indicator has been adjusted only downwards - if in September 2016 it was at the level of 10%, now its value is 7.25%. Changes in rate levels fall within the sphere of influence of the Central Bank of Russia:

• a proposal to increase or decrease the level of the key rate is submitted for discussion to the Board of Directors of the Central Bank of the Russian Federation by convening a special meeting;
• during the meeting, the economic indicators of the development of the country and individual industries are considered, the possible consequences of adjustments are analyzed and a forecast assessment of financial risks is given;
• The outcome of the discussion may be the adoption of the proposed option or a decision to maintain the current limit.

The frequency of meetings is once every 6 weeks. The rate of the Central Bank of the Russian Federation today (2018) is 7.25% (per annum), lower it was recorded only in 2013 - early 2014. The last percentage adjustment occurred on March 26 of this year. The table provides information about what the discount rate of the Central Bank of the Russian Federation is in force today (2018) and how it has changed over time since the date of introduction.

On June 15, 2018, the Board of Directors reviewed current inflation indicators and other indicators economic situation in the country, on the basis of which the (key) rate of the Central Bank of the Russian Federation for today was kept within 7.25%.

Here is an example of how data on the size of the key rate can be useful to an accountant - calculating penalties:

• the company was late in paying taxes in the amount of RUB 122,560;
• the delay period was 5 calendar days.

The percentage of penalties for legal entities is calculated as 1/300 of the key rate on the date of the offense for the first 30 days of delay, from the 31st day 1/150 of the rate is applied (clause 4 of Article 75 of the Tax Code of the Russian Federation). The final calculation will look like:

(122,560 x 7.25% / 300) x 5 = 148.09 rubles.

The regulation of the economy is currently carried out by the Central Bank of the Russian Federation by determining the size of the key rate. This percentage is used today in many areas, and not only, as the name suggests, in banking. Its size is fixed by special acts and is mandatory for use throughout the Russian Federation. It can be said that key rate As of today, 2018, the Central Bank of the Russian Federation occupies an important place in the economy as a whole.

The key rate is a percentage fixed in regulations with a minimum indicator at which commercial banks are able to raise funds to carry out their activities.

Another indicator is largest size interest on deposits, at which the Central Bank of the Russian Federation can accept funds from other banks. It serves as the main indicator characterizing the monetary policy of the state.

Until recently, two concepts were in use - the refinancing rate and the key rate, and they had different meanings, despite the fact that both were installed by the Bank of Russia. In 2016, they were combined, now this criterion is called the key refinancing rate. According to the existing plan, with its help the state must reduce inflation gradually to a given level.

Attention! When commercial banks set their interest rates on loans, their determination is based on the key rate. With the help of the key rate, competent government agencies act on the rate of inflation by either increasing or decreasing it.

It is also used when determining penalties, which, in accordance with tax legislation, for failure to pay taxes on time, are used when determining fees for the use of borrowed funds, and when determining personal income tax on material benefits.

If an organization or individual entrepreneur delays wages, then compensation for each day of non-payment of earnings is determined based on the rate in force at that time.

Key rate of the Central Bank of the Russian Federation for today 2018 in the table

The key rate of the Central Bank of the Russian Federation for today is always indicated on the website of the Bank of the Russian Federation. The table below shows its values ​​for the last two years.

Attention! The rate moves by basis points. The recent reduction, which took place on February 12, 2018, led to a reduction in the key rate by 25 basis points.

Who changes the key rate

The change in the key rate indicator is carried out by the Central Bank of the Russian Federation, since it is one of its instruments for influencing the banking sector and the economy as a whole.

The decision to increase or decrease it is made at a special meeting of the Board of Directors of the Central Bank of the Russian Federation in the area of ​​monetary regulation. Also at the meeting a decision may be made to maintain the current rate.

These types of events are held once every six weeks.

At the end of the meeting, the responsible persons hold a press conference at which they announce decision made and the reasons that prompted its adoption.

Attention! In addition, before the press conference, a written press release is issued with information on the key rate. This is usually carried out at 13-30 Moscow time.

What does the key rate affect?

The key rate today influences quite a lot large number performance indicators. Let's take a closer look at the moment.

Impact on the economy

Since the key rate affects the interest rate at which banks attract funds from the Central Bank of the Russian Federation, it affects the availability of money for further lending. After all, a reduction in the key rate will cause an increase cash in turnover and a decrease in the interest rates of commercial banks when financing legal entities and the population.

And this will cause economic activity in most sectors of the economy. Subjects will begin to buy new equipment, raw materials and supplies, increasing production, volumes of services provided and work performed.

Impact on inflation

The country's leadership, through regulation, determines the desired level of inflation, which must be supported by special measures. Among them, the key rate of the Central Bank of the Russian Federation occupies a special place.

There is an inverse relationship between the rate of inflation and its change.

When the Central Bank of the Russian Federation reduces it, this leads to the emergence of additional funds for business entities and citizens. As a result, they begin to actively purchase goods and services, causing their prices to increase. And this is a sign of an increase in inflation rates.

The opposite situation is observed when the key rate rises, as a result of which banks try to attract funds not from the Central Bank of the Russian Federation, but from the population and other banks and companies.

As a result, the saving effect is triggered, and potential buyers refrain from purchasing, thereby reducing demand, and consequently the prices for goods and services (work). This leads to a decrease in inflation rates.

Loans

The banking sector has two main sources of raising funds for lending - the Central Bank of the Russian Federation or private and legal entities.

The cost at which banks raise money for lending affects the interest on them. Therefore, a decrease in the key rate causes a decrease in the bank’s own costs for obtaining funds, which leads to a decrease in the rate on loans provided.

Low interest rates on bank loans attract a large number of people willing to take them, as a result there are more of them.

Raising the key rate has the opposite effect. High interest rates on loans make subjects want to refrain from making these transactions, which leads to a decrease in the number of loans.

Deposits

When the key rate is reduced, banks refuse to attract funds on deposits, increasingly turning to the Central Bank of the Russian Federation for available funds. This is due to the fact that the funds for lending are cheaper.

Refusal to attract funds from other sources leads to their reduction in cost, that is, to a fall in deposit rates. The population and legal entities that place free funds in deposits refrain from accumulating and refuse deposits.

When it increases, banks turn to deposits from individuals and companies for free resources, which leads to an increase in their number, as well as to an increase in interest on deposits.

Penalties on taxes

If business entities do not pay mandatory tax payments on time, then the Federal Tax Service, starting from the next day, begins to charge penalties. They amount to 1/300 of the Central Bank’s key rate for each day until the debt is paid, including the repayment day.

However last moment The law is not clearly defined, therefore the Federal Tax Service requires that penalties be included on the day of payment in the calculation period, and the courts exclude this day.

This contradiction does not exist in the case of calculating and paying penalties for contributions for injuries. There, the law clearly establishes that the day of payment must be included in the period for which penalties are determined.

When calculating the amount of the penalty, you must use the rate that was in effect on a given day.

Attention! Since October 2017, amendments have been made to the law that increase the amount of penalties for legal entities if tax payment is delayed for more than 30 days. Now, from day 31, it is necessary to calculate penalties based on 1/150 of the key rate. This innovation does not apply to ordinary citizens and entrepreneurs.

Calculation of compensation

By law, a business entity is obliged to pay wages to its employees twice a month on the days specified in internal documents. If this is not done on time, then from the next day until the debt is repaid, compensation must be paid to the employee.

This is stated in the Labor Code of the Russian Federation. This requirement applies to all types of payments, including salary accruals, bonuses and other payments, the issuance of which is prescribed in the internal regulatory documents, sick leave, vacation pay, etc. It does not matter for what reason the delay was made.

The amount of compensation is 1/150 of the refinancing rate in force on these days. Currently, the indicator of this rate is connected by values ​​to the key one. Or the company has the right to set its size, but it cannot be less than that specified in the law. It is calculated on the actual debt of the company, without withholding personal income tax.

Attention! If the company does not independently calculate and pay compensation, and the supervisory authority reveals this during an inspection, then the legal entity may be fined up to 50 thousand rubles, the manager - up to 20 thousand rubles, and the entrepreneur - up to 5 thousand rubles.

Material benefits from loans

The company can issue its employees, founders, or simply individuals cash loans. In this case, the accountant needs to charge personal income tax on material benefits.

This concept arises when the interest rate that the company has set for this loan, less than 2/3 of the current key rate. In this case, the employee has a “saving” on interest, which will be taxed. The Tax Code sets a tax rate of 35% for these cases.

The benefit and tax must be calculated each month on its last day for the entire period for which the loan was issued. If the employee returns part of the funds within a month, then the calculation is made for each amount of debt. Also, several calculations will have to be performed if the value of the key rate changes.

Illegal blocking of a current account

Tax service has the right to block the operation of the company's current account. In the case where such an action was carried out illegally (for example, the Federal Tax Service considered that the tax was not paid or a declaration was sent, but the subject can prove the opposite), according to the Tax Code the body is obliged to pay compensation for each day of blocking.

The compensation percentage is set at the key rate that was valid during the blocking days.

One of the controversial issues in calculating compensation is determining how many days it should be divided into. This point is not specified anywhere by law, so companies usually use the standard value of the number of days in a year of 360.

However tax authority requires the business entity to use the actual number of days (365 or 366). But in this case the amount of compensation will be lower. You will have to prove your case through the courts.

Refund of taxes and contributions

Payment of some taxes is made by transfer advance payments throughout the year. If, after the end of this period, the amount of calculated tax is less than the amount of payments already paid, an overpayment is formed. The subject can count it against other tax payments, or apply for a refund.

Returns must be made within a month. If this does not happen, then for the days of delay the Federal Tax Service must pay interest in the amount of the current key rate.

The amount is calculated based on the actual length of the year in which the refund occurs (i.e., 365 or 366 days are used). The period for calculation is taken inclusive of the day when the refund was credited to the company’s account.

Important! These conditions also apply to the return of excessively withdrawn taxes, as well as VAT refunds.

Late payment interest

When carrying out commodity-money relations, the parties regulate them among themselves by concluding a supply agreement. In the event that one party transferred the goods or provided services on time, and the second did not pay for them on time, the supplier has the right to collect interest for each day of such delay.

Typically, the amount of this type of compensation is specified in the text of the contract. However, if this was not done, the interest rate for calculation is taken in the amount of the key rate valid for each day of delay. When determining the amount, the exact number of days in the month and year is used.

IN lately, due to the developing global financial crisis, everything is becoming more people, interested in economics, its indicators, terms and concepts. In this regard, many questions arise, among which one of the leading ones is the difference between the refinancing rate and the key rate. To begin with, let's decipher these concepts.

Key rate– this is an indicator that determines the Central Bank’s interest rate on short-term weekly loans provided to banks. Also, this value is decisive for deposits that the Central Bank accepts from banking institutions. This indicator is the main regulator of inflation and investment attractiveness.

Refinancing rate is the annual interest rate on loans borrowed by credit institutions from the Central Bank of Russia. Today, the role of this financial and economic indicator is secondary; it is used to calculate fines and penalties.

The impact of changes in the lending rate of the Central Bank of Russia

Until 2013, there was no such thing as a discount key rate in the Russian economy. Instead, the key role was played by the refinancing rate, which was first introduced in 1992.

On September 13, 2013, in order to control the level of inflation and increase investment attractiveness, the Central Bank simultaneously introduced a key rate and determined its size at 5.5%. Until December 2014, statistics recorded an increase in this indicator, after which a gradual decline began, and at the moment its size is 11%.

The impact of the key rate on the economy is as follows. It forms the size of bank loans that are issued to individuals and legal entities. In addition, with its help, inflation is adjusted, and the volume of resources attracted by commercial banks is determined.

To reduce inflation, the Central Bank uses an increase in the key rate. The mechanism of influence can be understood this way.

The consequence of the increase is an upward change in the rates on deposits and loans, including mortgages, provided by banks. Naturally, purchasing power falls, pressure on the ruble decreases, and inflation dynamics slow down.

This is one of the options for using an increased key rate. Another could be observed at the end of 2014. Then the Central Bank decided to raise its value by 70% from 10.5 to 17%. This move significantly limited access to short-term lending for commercial banks. The result of this was a decrease in the number and volume of speculation on foreign exchange market, which and inflation, due to the lack of borrowed ruble supply.

If the country's economy is in a state of stagnation, production and business activity declines and because of this deflation begins, a decision is made to reduce the rate. This reduces the cost of bank credit, which, in turn, stimulates lending to the real sector of the economy.

Differences between the refinancing rate and the key rate

What is the role of the refinancing rate?

To date, her practical role boils down to this:

1. Determines the need for taxation on deposits in rubles and foreign currency if their interest rate exceeds the refinancing rate by 5% (in the case of deposits in foreign currency - by 9%)

2. Calculation of the daily penalty accrued for late payment of taxes. It is calculated as 1/300 of the refinancing rate.

3. If the loan agreement did not specify the amount of accrued interest, it is determined by the level of the refinancing rate on the day the agreement was concluded.

4. Calculation of the amount of penalties imposed on the employer for each day of delay in payment wages, vacation pay, sick leave and other accruals to employees. It is also equal to 1/300 part.

Until 2013, it played a key role in the conduct of monetary policy.

A historical example of her work can be seen in 1998. The Central Bank of Russia used the refinancing rate to correct the financial sector of the Russian economy.

Starting from May and until the crisis that gripped the Russian economy in August, the refinancing rate was raised several times. In this way, the Central Bank stimulated the acquisition of new government securities, demonstrating high level their profitability. However, the outbreak of the crisis showed the ineffectiveness of such actions, so it was decided to review monetary policy, soften it and reduce the rate.

The difference between the level of the key rate and the refinancing rate of the Central Bank of Russia

Until the fall of 2014, when there was a significant jump in the key rate, the values ​​of both of these indicators did not differ significantly from each other. But the collapse of oil on world markets and the subsequent fall of the Russian currency forced the discount rate, significantly increasing its gap with the refinancing rate, which currently stands at 8.8%.

The result of this was a contradictory situation. The relatively small refinancing rate made it unprofitable for borrowers to fulfill their debt service obligations. The penalty imposed for late payment turned out to be significantly lower than the rate for debt refinancing. That is, it has become more profitable for creditors to accumulate penalties than to take new loan to pay off current obligations.

This situation can be corrected by increasing the refinancing rate to the level of the key rate. This will increase the amount of accrued penalties to the level of interest on loans, which should encourage borrowers to pay off rather than accumulate debt.

But this increase is planned only for 2016. Therefore the current policy. Conducted by the Central Bank, it leads to the conclusion that at the moment the problem of growing overdue debt is lower than the ability to manage inflation in the country.

date of publication: December 27, 2015

update date: 12/14/2018

From January 1, 2016 to Russian Federation At the same time, there are two interest rates equal to each other: the refinancing rate and the key rate. Usually one rate is enough as a global macroeconomic indicator, but Russia often has its own, original path, so let’s look at the specifics national economy We're not used to it. Let's figure out why this happened, why the Central Bank of the Russian Federation introduced the key rate and, most importantly, why does Russia need two equal and similar rates?

First, let’s define the meaning of the key rate and remember the history of its appearance. What's happened Bank of Russia key rate?

The key rate is the annual percentage rate at which the Central Bank of the Russian Federation lends funds in rubles to commercial banks for a period of one week or receives funds from banks on deposit for one week. It’s not entirely clear... is this the attraction rate or the placement rate? It depends on the need: if banks need money, then the Central Bank of the Russian Federation is ready to provide ruble loans at the key rate, and if banks have free cash balances, then the Bank of Russia is ready to accept deposits from banks at the key rate. And there is one nuance here: the key bet is minimum interest rate for loans provided by the Bank of Russia and maximum the interest rate at which the Central Bank of the Russian Federation is ready to attract deposits. In other words, credit institutions can take a loan from the Central Bank of the Russian Federation at a key rate or higher, but they can deposit money with the Central Bank of the Russian Federation at a key rate or lower.

Key rate was introduced on September 16, 2013. Since then, both the key rate and the refinancing rate have been in effect simultaneously. Moreover, from September 16, 2013 to December 31, 2015, they had different values: the refinancing rate remained unchanged at 8.25% per annum, and by the Bank of Russia, changing its value in connection with the actual state of affairs in the economy. Since 2016, the refinancing rate has been equal to the key rate. Independent meaning The refinancing rate is no longer set because it changes automatically when the Central Bank changes the key rate.

Why did the Central Bank of the Russian Federation come up with the key rate? The fact is that during the period of relative stabilization of inflation and the ruble exchange rate (2010 - 2013), the refinancing rate fluctuated between 7.75 - 8.25% per annum and was the only indicative rate. And since the Russian economy was really developing quite well, and only positive changes were expected ahead, it seemed to many that the current refinancing rate was too high and was slowing down the necessary processes. The Russian government has repeatedly demanded that the Central Bank reduce interest rates on loans for commercial banks in order to stimulate economic growth, because in this case banks will be able to lend to enterprises at a lower interest rate. This demand was constantly echoed public opinion, supported by multiple articles in the means mass media. It was believed that the Central Bank of the Russian Federation was to blame for the lack of sufficient economic growth because rates were too high. By the fall of 2013, requirements for the need to reduce main rate the country has become too insistent. But the truth is that before September 16, 2013, and for a long time after, the Central Bank of the Russian Federation carried out a lot of its operations to provide banks with money significantly lower than the refinancing rate (that is, below 7.75 - 8.25% per annum). However, the position has become firmly established in society that supposedly the main problem of the economy lies precisely in the high refinancing rate, at which at that time credit funds were not provided to banks (as it happened) and which simply reflected inflationary processes in Russia, being an indicator of some fair interest rate for tax, customs and other needs.

The Central Bank of the Russian Federation, realizing some of the absurdity of the situation and experiencing pressure from all sides, was looking for a neat, delicate solution to the problem. And he found this solution! The Bank of Russia introduced a key rate and announced that loans were provided to banks precisely at the key rate, which at that time was 5.5% per annum. A brilliant solution and at the same time a cunning trick: the Central Bank of the Russian Federation maintained the refinancing rate and announced to everyone that bank lending is carried out at the key rate. The Central Bank withdrew the claims against it, leaving essentially everything as it was.

Sleight of mind and no fraud.

Explaining the innovations, the Bank of Russia in 2013 focused on the fact that, traditionally, the main rate of central banks is the refinancing rate. By deliberately reducing the significance of the refinancing rate and bringing it to main role key rate, the Central Bank of the Russian Federation promised that it wants to preserve the brand, which is called “,”, so by 2016 the refinancing rate will be equal to the key rate. Then, in 2013, the impression was that the regulator would abandon the artificially introduced key rate as a temporary measure, and the role of the refinancing rate would completely return to it. But, as you know, there is nothing more permanent than temporary. This is due to a whole string of circumstances that no one could have guessed in 2013: the annexation of Crimea, sanctions, limited access to external borrowing, renewal of 11-year lows in oil prices, military operations in Syria, the downing of the Su-24 by Turkey, import substitution, the dollar 70 rubles... In a word, a whole kaleidoscope of events in which the key rate soared to 17% per annum, allowing the country to more or less adequately respond to economic challenges.

So, today in Russia the rates are formally different, but the same in size. One of them is assigned the role of the main rate at which liquidity is provided and absorbed. The second is the role of the base rate for various subsidies, cash compensation, tax calculations, including the calculation of interest when deferring or installment payment of taxes, calculating penalties, etc. (all this is provided by different federal laws). Let's think... the very fact of having two equal bets with different names is a reason to use them again, including a reason to set them different meanings or implement another clever move. There is no complete certainty, but there is a feeling that two rates are left in the economy just in case.

History of changes in the Bank of Russia key rate