Ставка рефинансирования | Национальный банк Республики Беларусь Ставка рефинансирования | Национальный банк Республики Беларусь

Дата начала действия*	Размер ставки рефинансирования, % годовых
2020
01.07.2020	7,75**
20.05.2020	8
19.02.2020	8,75
2019
20.11.2019	9
14.08.2019	9,5
2018
27.06.2018	10
14.02.2018	10,5
2017
18.10.2017	11
13.09.2017	11,5
19.07.2017	12
14.06.2017	13
19.04.2017	14
15.03.2017	15
15.02.2017	16

90000 90001 Refinancing Rate of the Central Bank of the Russian Federation 90002 90003 90004 Period in Effect 90005 90004% 90005 90008 90003 90010 From January 1, 2016 90011 90012 Equal to the Bank of Russia key rate set as of the respective date 90011 90008 90003 90010 September 14 березня 2012 — December 31, 2015 90011 90012 8.25 90011 90008 90003 90010 December 26, 2011 — September 13, 2012 90011 90012 8 90011 90008 90003 90010 May 3, 2011 — December 25, 2011 90011 90012 8.25 90011 90008 90003 90010 February 28, 2011 — May 2, 2011 90011 90012 8 90011 90008 90003 90010 June 1 2010 — February 27, 2011 90011 90012 7.75 90011 90008 90003 90010 April 30 2010 — May 31 2010 90011 90012 8 90011 90008 90003 90010 March 29 2010 — April 29 2010 90011 90012 8.25 90011 90008 90003 90010 February 24 2010 — March 28 2010 90011 90012 8.5 90011 90008 90003 90010 December 28 2009 — February 23 2010 90011 90012 8.75 90011 90008 90003 90010 November 25 2009 — December 27 2009 90011 90012 9 90011 90008 90003 90010 October 30 2009 — November 24 2009 90011 90012 9.5 90011 90008 90003 90010 September 30 2009 — October 29 2009 90011 90012 10 90011 90008 90003 90010 September 15 2009 — September 29 2009 90011 90012 10.5 90011 90008 90003 90010 August 10 2009 — September 14 2009 90011 90012 10.75 90011 90008 90003 90010 July 13 2009 — August 9 2009 90011 90012 11 90011 90008 90003 90010 June 5 2009 — July 12 2009 90011 90012 11.5 90011 90008 90003 90010 May 14 2009 — June 4 2009 90011 90012 12 90011 90008 90003 90010 April 24 2009 — May 13 2009 90011 90012 12.5 90011 90008 90003 90010 December 1, Рік випуску 2008 — April 23 2009 90011 90012 13 90011 90008 90003 90010 November 12, Рік випуску 2008 — November 30, 2008 90011 90012 12 90011 90008 90003 90010 July 14, Рік випуску 2008 — November 11, 2008 90011 90012 11 90011 90008 90003 90010 June 10, Рік випуску 2008 — July 13, 2008 90011 90012 10.75 90011 90008 90003 90010 April 29, Рік випуску 2008 — June 9, 2008 90011 90012 10.5 90011 90008 90003 90010 February 4, Рік випуску 2008 — April 28, 2008 90011 90012 10.25 90011 90008 90003 90010 June 19, 2007 — February 3, 2008 90011 90012 10 90011 90008 90003 90010 January 29, 2007 — June 18, 2007 90011 90012 10.5 90011 90008 90003 90010 October 23, 2006 — January 28, 2007 90011 90012 11 90011 90008 90003 90010 June 26, 2006 — October 22, 2006 90011 90012 11.5 90011 90008 90003 90010 December 26, 2005 — June 25, 2006 90011 90012 12 90011 90008 90003 90010 June 15, 2004 — December 25, 2005 90011 90012 13 90011 90008 90003 90010 January 15, 2004 — June 14, 2004 90011 90012 14 90011 90008 90003 90010 June 21, 2003 — January 14, 2004 90011 90012 16 90011 90008 90003 90010 February 17, 2003 — June 20, 2003 90011 90012 18 90011 90008 90003 90010 August 7, 2002 — February 16, 2003 90011 90012 21 90011 90008 90003 90010 April 9, 2002 — August 6, 2002 90011 90012 23 90011 90008 90003 90010 November 4, 2000 — April 8, 2002 90011 90012 25 90011 90008 90003 90010 July 10, 2000 — November 3, 2000. 90011 90012 28 90011 90008 90003 90010 March 21, 2000 — July 9, 2000. 90011 90012 33 90011 90008 90003 90010 March 7, 2000 — March 20, 2000. 90011 90012 38 90011 90008 90003 90010 January 24, 2000 — March 6, 2000. 90011 90012 45 90011 90008 90003 90010 June 10, 1999 — January 23, 2000. 90011 90012 55 90011 90008 90003 90010 July 24, 1998 — June 9, 1999. 90011 90012 60 90011 90008 90003 90010 June 29, 1998 — July 23, 1998. 90011 90012 80 90011 90008 90003 90010 June 5, 1998 — June 28, 1998. 90011 90012 60 90011 90008 90003 90010 May 27, 1998 — June 4, 1998. 90011 90012 150 90011 90008 90003 90010 May 19, 1998 — May 26, 1998. 90011 90012 50 90011 90008 90003 90010 March 16, 1998 — May 18, 1998. 90011 90012 30 90011 90008 90003 90010 March 2, 1998 — March 15, 1998. 90011 90012 36 90011 90008 90003 90010 February 17, 1998 — March 1, 1998. 90011 90012 39 90011 90008 90003 90010 February 2, 1998 — February 16, 1998. 90011 90012 42 90011 90008 90003 90010 November 11, 1997 — February 1, 1998. 90011 90012 28 90011 90008 90003 90010 October 6, 1997 — November 10, 1997. 90011 90012 21 90011 90008 90003 90010 June 16, 1997 — October 5, 1997. 90011 90012 24 90011 90008 90003 90010 April 28, 1997 — June 15, 1997. 90011 90012 36 90011 90008 90003 90010 February 10, 1997 — April 27, 1997. 90011 90012 42 90011 90008 90003 90010 December 2, 1996. — February 9, 1997. 90011 90012 48 90011 90008 90003 90010 October 21, 1996. — December 1, 1996. 90011 90008 90355.90000 Exchange rate regime of the Bank of Russia 90001 90002 Russia is using a floating exchange rate regime, which implies that the exchange rate of the ruble is not fixed and that there are no pre-established targets for its exchange rate or the pace of its movements. The dynamics of the exchange rate of the ruble are determined by the ratio of the demand for and supply of foreign currency in the foreign exchange market. A flexible exchange rate helps Russia to adjust to changing external conditions, smoothing out the impact of external factors on the economy.90003 90002 In normal conditions, the Bank of Russia does not conduct any foreign exchange interventions to influence the exchange rate of the ruble. That said, the Bank of Russia is keeping a close eye on the situation in the foreign exchange market and may carry out foreign currency operations in order to support financial stability. 90003 90006 Floating exchange rate regime 90007 90002 Russia is currently using a 90009 floating exchange rate regime 90010, which means that foreign exchange rates against the ruble are determined by market forces, that is, the ratio of the demand for and supply of foreign currency in the foreign exchange market.Any factors affecting this ratio may cause the exchange rate to fluctuate. Specifically, exchange rate dynamics may be affected by movements of import and export prices, inflation and interest rates in Russia and abroad, the pace of economic growth, investor sentiment and expectations in Russia and abroad, as well as changes in the monetary policy of the central banks of Russia or other countries. (Data on fluctuations of the ruble exchange rate and factors causing these changes are published in the quarterly Monetary Policy Report).90003 90002 Thus, the 90009 exchange rate of the ruble is not determined by the government or the central bank 90010, it is not fixed, and there are no pre-established targets for the exchange rate or the pace of its movements. In normal conditions, the Bank of Russia does not conduct any foreign exchange interventions to influence the exchange rate of the ruble. This is what distinguishes a floating exchange rate regime from the multiple varieties of managed exchange rate regimes. 90003 90002 Pursuant to Article 34.1 of the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’, the main goal of the Bank of Russia’s monetary policy is to protect the ruble and ensure its strength through maintaining 90009 price stability 90010. The stability of the national currency does not imply setting a fixed exchange rate against other currencies, but rather preserving the purchasing power of money as a result of 90009 sustainably low inflation 90010. When inflation remains low, the volume of goods and services that may be purchased for the same amount in rubles changes only slightly over a long period of time.This supports the confidence of both households and businesses in the national currency and creates favourable conditions for the growth of the Russian economy. 90003 90002 A floating exchange rate is a critical component of an 90009 inflation targeting 90010 regime, where the primary goal of the central bank is to ensure price stability. The Bank of Russia implemented the floating exchange rate regime in November 2014. This switch was preceded by a long period during which the Bank of Russia had been gradually increasing the flexibility of the exchange rate, consistently reducing its presence in the domestic foreign exchange market.In addition, the switch to the floating exchange rate regime was progressive, which helped to moderate the process of market participants ‘adjustment to exchange rate fluctuations amid the higher flexibility of the exchange rate. 90003 90006 Rationale for the switch to the floating exchange rate 90007 90002 90009 A floating exchange rate functions as a ‘built-in stabiliser’ of the economy, which is its key advantage over a managed exchange rate. 90010 It helps the economy to adjust to changing external conditions, smoothing out the impact of external factors.90003 90002 For instance, when oil prices grow, the ruble strengthens, which reduces risks of economic overheating, while declining oil prices entail depreciation of the ruble, which supports domestic manufacturers owing to increasing exports and the promotion of import substitution. 90003 90002 Another example of the effect of a floating exchange rate as a ‘built-in stabiliser’ is its impact on transborder capital flows. When the exchange rate is fixed or managed, alteration of interest rates by foreign states and, consequently, changes in the difference between internal and external interest rates may result in an increase in the inflow or outflow of speculative capital.Under a floating exchange rate regime, a rise in the demand for or supply of foreign currency from market participants as a result of changes in the difference between internal and external interest rates entails respective movements of the exchange rate, thus making speculative transactions unprofitable. 90003 90002 A fixed or managed exchange rate regime increases the dependency of the economy on external conditions. Therefore, it also makes monetary policy dependent on other countries ‘policies and on the foreign economic environment.Under a managed exchange rate regime, the central bank must carry out operations in order to impact the exchange rate of the national currency when external conditions alter. In turn, these operations may also influence other economic indicators, including inflation, and moreover, in an undesirable manner. 90003 90002 A floating exchange rate enables the Bank of Russia to implement independent monetary policy aimed at addressing internal issues, and first of all at decreasing inflation. 90003 90002 Today, floating exchange rate regimes are applied by the majority of developed economies.90003 90006 Role of the Bank of Russia in the foreign exchange market 90007 90002 The switch to the floating exchange rate regime means that the Bank of Russia abstains from regular foreign exchange interventions to influence the exchange rate of the ruble. The central bank’s policy under the floating exchange rate regime implies that in normal conditions the regulator does not intervene in market processes, letting the ruble exchange rate function as a ‘built-in stabiliser’. 90003 90002 Simultaneously, the Bank of Russia continues to keep a close eye on the situation in the foreign exchange market and may conduct 90009 foreign currency transactions 90010 90003.90000 The Bank of Russia cuts the key rate by 100 bp to 4.50% p.a. 90001 90002 90003 On 19 June 2020 року, the Bank of Russia decided to cut the key rate by 100 bp to 4.50% per annum. Disinflationary factors have been more profound than expected due to a longer duration of restrictive measures in Russia and across the world. The effect of short-term pro-inflationary factors has been largely exhausted. Financial stability risks related to the situation in global financial markets have declined. Household and business inflation expectations have abated.In these circumstances, there is a risk that in +2021 inflation might significantly deviate downwards from the 4% target. The key rate decision taken by the Bank of Russia is aimed at limiting this risk and maintaining inflation close to 4%. 90004 90005 90002 90003 If the situation develops in line with the baseline forecast, the Bank of Russia will consider the necessity of further key rate reduction at its upcoming meetings. In its key rate decision-making, the Bank of Russia will take into account actual and expected inflation dynamics relative to the target and economic developments over the forecast horizon, as well as risks posed by domestic and external conditions and the reaction of financial markets.90004 90005 90002 90011 Inflation dynamics 90012 this year and in the first half of 2021 will be largely influenced by a steep decline in domestic and external demand occurred in the second quarter. The disinflationary effect of weak demand has strengthened due to both current and deferred economic effect of restrictions. Household and business inflation expectations have abated after a short-lived growth in March-April. 90005 90002 The influence of the weaker ruble and the episodes of increased demand for certain product groups in March has been exhausted.According to preliminary data as of 15 June, annual consumer price growth rate was around 3.1%. In the coming months, consumer price dynamics will be additionally contained by the strengthening of the ruble observed in May — early June on the back of stabilising global financial markets and growing oil prices. Current monthly annualised inflation will continue to decline. At the same time, annual inflation rate will rise in 2020 owing to the low base effect of 2019. 90005 90002 In the context of prevailing disinflationary factors, there is a risk that in 2021 inflation might significantly deviate downwards from the 4% target.The key rate decision taken by the Bank of Russia is aimed at limiting this risk and maintaining inflation close to 4%. 90005 90002 90011 Monetary conditions 90012 slightly eased in May-June after some tightening in March-April. OFZ and corporate bond yields dropped below the levels observed at the beginning of the year, including owing to the current monetary policy stance. The country risk premium went down, largely owing to an improved situation in global financial and commodity markets. Interest rates on deposit and housing mortgage loans decreased.At the same time, increased credit risks in the real sector push interest rates up and lead to a tightening of non-price lending conditions in certain market segments. The Bank of Russia’s decisions to cut the key rate, along with a notable drop in OFZ yields, pave the way for reduction in interest rates in other financial market segments in the future. Coupled with the Government and other Bank of Russia’s measures, this will support lending, including in the most vulnerable sectors of the economy.90005 90002 90011 Economic activity. 90012 Some of the previously enforced restrictive measures remain in place. Alongside a considerable drop in external demand, the negative pressure this is exerting on economic activity is more extended than the Bank of Russia assumed in April. There was a significant drop in business activity in the services sector and manufacturing; a sizeable contraction was reported in the numbers of new orders in external and domestic markets; investment declined. Unemployment went up and incomes shrank.There was a considerable drop in retail sales. The phased lifting of restrictions between May and June is helping consumption-oriented sectors gradually recover. However, recent business surveys invariably reflect cautious sentiment. 90005 90002 The contraction of GDP in the second quarter could prove more sizeable than expected. At the same time, the Russian economy is gaining support from the Russian Government and the Bank of Russia’s additional measures aimed at the mitigation of economic effects of the coronavirus pandemic.In these conditions, GDP will decrease by 4-6% in 2020. Recovery growth of the Russian economy will continue in 2021-2022. 90005 90002 90011 Inflation risks. 90012 Disinflationary risks prevail over pro-inflationary ones. Under the baseline scenari 90005.90000 90001 CBR key rate — Russian central bank’s current and historic interest rates 90002 90003 90004 90005 90003 90007 90008 90003 90004 90005 90012 90013 90007 90008 90003 90007 90008 90003 home 90005 90021 interest-rates 90005 90021 central-banks 90005 90021 central-bank-russia 90005 90012 90013 90005 90012 90013 90032 Charts — historic Bank of Russia interest rates 90033 90007 90008 90003 90007 90008 90003 90040 Graph Russian interest rate CBR — interest rates last year 90041 90042 90005 90012 90013 90005 90047 90007 90008 90003 90040 Graph Russian interest rate CBR — long-term graph 90041 90053 90005 90012 90013 90005 90012 90013 90060 90008 90003 The current Russian interest rate CBR (base rate) is 4.500% 90005 90012 90013 90032 Bank of Russia 90033 The Bank of Russia or the Central Bank of the Russian Federation (CBR) is the Russian central bank. The bank is independent of federal and local government and is the institution which issues the Russian currency — the rouble — in Russia and is responsible for the stability and circulation of the currency. The central bank is also responsible for defining and implementing national monetary policy. This happens in collaboration with the Russian government.The key rate is an important tool to influence interbank interest rates and with that the level of inflation. For an overview of current inflation in Russia, click here or here for current inflation by country. Another important task is to supervise Russian financial instructions and issue or retract banking licences. The CBR is also responsible for the rules and guidelines in the area of ​​banking. If Russian financial institutions do not have sufficient funds in times of crisis, the central bank will provide loans.The bank also controls the foreign currency reserves and is responsible for rules on the trade in foreign currencies. Finally the Central Bank of the Russian Federation is also the institution which provides analyses, reports and forecasts relating to the Russian economy. 90032 CBR key rate 90033 When reference is made to 90070 the Russian interest rate 90071 this often refers to the CBR key rate. The CBR sets the level of this short-term interest rate. This base rate is a monetary tool used by the Russian central bank which can influence the interbank interest rates and the interest rates for loans, mortgages and savings.90072 This page shows the current and historic values ​​of CBR’s key rate. 90073 90072 For a summary of the current interest rates of a large number of central banks please click here. 90073 90032 Tables — current and historic Russian central bank interest rates 90033 90007 90079 90003 90007 90008 90003 90040 CBR latest interest rate changes 90041 90060 90008 90003 change date 90005 90090 percentage 90005 90012 90008 90003 june 19 2020 90005 90090 4.500% 90005 90012 90008 90003 april 24 2020 90005 90090 5.500% 90005 90012 90008 90003 february 07 2020 90005 90090 6.000% 90005 90012 90008 90003 december 13 2019 90005 90090 6.250% 90005 90012 90008 90003 october 25 2019 90005 90090 6.500% 90005 90012 90008 90003 september 06 2019 90005 90090 7.000% 90005 90012 90008 90003 july 26 2019 90005 90090 7.250% 90005 90012 90008 90003 june 14 2019 90005 90090 7.500% 90005 90012 90008 90003 december 14 2018 90005 90090 7.750% 90005 90012 90008 90003 september 14 2018 90005 90090 7.500% 90005 90012 90013 90005 90012 90013 90005 90047 90007 90008 90003 90040 Summary of other central banks ‘interest rates 90041 90060 90008 90003 central bank interest rate 90005 90003 region 90005 90090 percentage 90005 90003 date 90005 90012 90008 90003 FED interest rate 90005 90003 United States 90005 90090 0.250% 90005 90003 03-15-2020 90005 90012 90008 90003 RBA interest rate 90005 90003 Australia 90005 90090 0.250% 90005 90003 03-19-2020 90005 90012 90008 90003 BACEN interest rate 90005 90003 Brazil 90005 90090 2.250% 90005 90003 06-17-2020 90005 90012 90008 90003 BoE interest rate 90005 90003 Great Britain 90005 90090 0.100% 90005 90003 03-19-2020 90005 90012 90008 90003 BOC interest rate 90005 90003 Canada 90005 90090 0.250% 90005 90003 03-27-2020 90005 90012 90008 90003 PBC interest rate 90005 90003 China 90005 90090 3.850% 90005 90003 04-20-2020 90005 90012 90008 90003 ECB interest rate 90005 90003 Europe 90005 90090 0.000% 90005 90003 03-10-2016 90005 90012 90008 90003 BoJ interest rate 90005 90003 Japan 90005 90090 -0.100% 90005 90003 02-01-2016 90005 90012 90008 90003 CBR interest rate 90005 90003 Russia 90005 90090 4.500% 90005 90003 06-19-2020 90005 90012 90008 90003 SARB interest rate 90005 90003 South Africa 90005 90090 3.750% 90005 90003 05-21-2020 90005 90012 90013 90005 90012 90013 90005 90012 90013 90282 90007 90008 90003 In order to be able to show the data on this page, we make use of a large number of sources of information that we believe to be reliable.For more information and our disclaimer, click here. 90005 90012 90013 90282 90004 90005 90003 90004 90005 90003 90007 90008 90003 90005 90012 90013 90007 90008 90304 90012 90008 90090 90000 90008 90021 American interest rate (Fed) 90005 90312 0.25% 90005 90312 03-15-2020 90005 90012 90008 90021 Australian interest rate (RBA) 90005 90312 0.25% 90005 90312 03-19-2020 90005 90012 90008 90021 British interest rate (BoE) 90005 90312 0.10% 90005 90312 03-19-2020 90005 90012 90008 90021 Canadian interest rate (BOC) 90005 90312 0.25% 90005 90312 03-27-2020 90005 90012 90008 90021 European interest rate (ECB) 90005 90312 — 90005 90312 03-10-2016 90005 90012 90008 90021 Japanese interest rate (BoJ) 90005 90312 -0.10% 90005 90312 02-01-2016 90005 90012 90008 90358 All central banks interest rates, click here 90005 90012 90013 90005 90012 90013 90365 90008 90367 Quick links: 90005 90012 90008 90003 90004 90005 90003 Euribor interest rates 90005 90003 90004 90005 90003 Libor interest rates 90005 90012 90008 90003 90004 90005 90003 Eonia interest rates 90005 90003 90004 90005 90003 Interest rates central banks 90005 90012 90008 90003 90004 90005 90003 Inflation figures 90005 90003 90004 90005 90003 CPI inflation 90005 90012 90013 90007 90008 90090 90005 90012 90013 90005 90013.