MOSCOW, December 16 – RIA Novosti. The Board of Directors of the Bank of Russia from December 16, raised its key interest rate from 10.5 to 17%.
Below is a guide:
The key rate was introduced by the Bank of Russia as an instrument of monetary policy September 13, 2013.
CBR has introduced its key interest rate in the range of measures in the framework of transition to inflation targeting in order to increase transparency monetary policy. In addition to introducing the key rate, the CBR measures also included the formation of the interest rate corridor of the Bank of Russia and system optimization tools to regulate liquidity in the banking sector and the changing role of the refinancing rate in the instruments of the Bank of Russia. According to the CBR, to January 1, 2016 the Bank of Russia refinancing rate to adjust the level of the key rate. Before this date, the refinancing rate will be of secondary importance.
The regulator has officially announced its key interest rate monetary policy auction bid to provide and absorb liquidity in one week. On 13 September 2013 it was 5.5% per year.
3 March 2014 CBR tightened monetary policy by raising the key rate from 5.5% to 7% per annum. “The decision is aimed at preventing the emergence of risks to inflation and financial stability associated with the recently observed increased levels of volatility in the financial markets”, – said the report of the Central Bank.
April 25, 2014 the Bank of Russia raised its key rate to 7.5% to 7%, citing increased inflationary risks.
July 25, 2014 the Central Bank of the Russian Federation on the basis of the Board of Directors increased its key interest rate from 7.5% to 8% per annum.
The decision of the regulator is not in line with expectations of analysts, who expected that the Central Bank will take a wait and see stance on the issue of rate changes, limiting verbal interventions.
On November 5, 2014 Bank of Russia raised its key interest rate to 9.5% per annum .
As the representative of the Bank of Russia, the Central Bank of the Russian Federation does not exclude the tightening of monetary policy, but hopes that the increase in the key rate to 9.5% will allow to take control of inflation expectations.
December 12, 2014 the Central Bank of the Russian Federation following the meeting of the Board of Directors increased its key interest rate by 1 percentage point – up to 10.5% per annum. The decision coincided with forecasts of analysts.
On 16 December 2014 the Board of Directors of the Bank of Russia raised its key interest rate from 10.5 to 17% per annum. “This decision was driven by the need to limit significantly increased in recent devaluation and inflation risks,” – said the regulator. In addition, the Central Bank introduced a floating rate of the key plus 1.75 percentage points for loans under non-market assets. Previously, such loans for a period of 2 to 90 days, provided at a fixed rate. In this case, the board of directors “decided to keep unchanged the interest rates on the refinancing of specialized tools”, which will now be a few percentage points below the key rate
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