Key rate of the Central Bank of the Russian Federation from April 26, 2021 - table

Read on the topic: Financial education: how many times can you refinance a mortgage?

Since January 2021, changes have been made to the legislation of the Russian Federation, according to which the refinancing rate was equated to the key one. The latter is a variable indicator. It is set by the Bank of Russia, depending on economic indicators, inflation levels and other factors. It is one of the main instruments for implementing the state’s monetary policy and directly affects the cost of loans issued by commercial banks to businesses and individuals, as well as interest on deposits.

A rate reduction has a positive effect on economic development. Cheap loans stimulate business development and consumer demand. But, as you know, development occurs in certain cycles. This means that the Central Bank has to change the rate from time to time, thereby implementing regulation. Thus, during a crisis, an increase in this indicator reduces the demand for loans. Reducing lending volumes, although it slows down the growth of economic development, allows us to avoid the processes of rising inflation and worsening the crisis.

Knowing the exact value of the refinancing rate, the organization’s accountant can:

• check whether the regulatory authorities or contract partners have correctly assessed penalties;
• independently calculate the penalty for the contract, payment of wages, taxes or other payments.

To find out how much interest you need to pay in penalties, you must use the current value of the indicator at the time of delay. If the rate changed during this period, the calculation for the period of validity of each rate is carried out separately.

The table, which is located on the Central Bank website, contains the current value of the refinancing rate by year. It indicates the size of the indicator, the validity period and the document on the basis of which the changes came into force. It is recommended to use exclusively this table (which you also see on this page of our website), as it contains accurate and up-to-date data.

Bet value

Today, the regulator is gradually reducing the rate. This is due to the stabilization of the economy and low inflation. A decrease was observed in 2021, and for 2021 the forecast for improvement in macro and microeconomic indicators of the Russian Federation remains unchanged. The last decrease in the indicator occurred on March 26 of this year. According to the head of the Central Bank of the Russian Federation, the regulator plans to continue the gradual reduction if the economy continues to show growth signals. The next change is possible as early as April 2021. To find out exactly what the key rate is, you should use the latest information from the Central Bank website.

What affects the bet size?

This indicator is set 8 times a year at a meeting of the board of directors of the Central Bank of the Russian Federation and affects many economic processes, in particular, interest on loans and deposits for the population. Fluctuations in the key rate serve as an indicator for investors and economists - changes show how the state reacts to certain circumstances and the general situation of the country’s financial sector.

In scientific terms, this indicator regulates the liquidity of the banking sector using a set annual percentage. The refinancing rate is also used to calculate penalties, fines and in taxation processes.

We can definitely say that the dynamics of the key rate (and, accordingly, the refinancing rate) reflects the economic policy of the state. If the percentage rises, this is a reaction to market instability and measures to curb inflation. The rate is reduced – the economy is entering a growth phase, and the size and rate of inflation allow us not to draw attention to ourselves.

Table with dynamics

The refinancing rate has changed constantly since its introduction in 1992. The refinancing rate changed both downwards and upwards. During the crisis times of the 90s, the value of this indicator changed in less than a month, and the maximum size exceeded 200 points. The easiest way to assess the dynamics is on the graph of changes in the refinancing rate, and then the key rate. You can find out the refinancing rate as of the date of the overdue debt in the table below.

On years

There is no specific period during which the refinancing interest rate is valid. It changes depending on the state of the financial sector and inflation expectations. Typically, an increase in the indicator is a consequence of a depreciation of the national currency, and vice versa. To make it easier for interested parties to determine the size of the refinancing rate for different periods of validity, a table is used.

Calculate penalties, penalties or delays

Refinancing rate calculator

The possibility of changing the indicator is considered at a meeting of the board of directors of the Central Bank of the Russian Federation. The regulator's management analyzes the external and internal environment, determines indicators that may have an impact on the Russian economy, and the risks that arise in this case. After this, a forecast is made for the near future and a decision is made whether to increase, decrease the key rate, or leave this indicator unchanged.

Key rate of the Central Bank of the Russian Federation

From January 1, 2021, the value of the Bank of Russia refinancing rate is equal to the value of the Bank of Russia key rate determined on the corresponding date in accordance with the decision of the Board of Directors of the Bank of Russia (minutes of the meeting of the Board of Directors of the Bank of Russia dated December 11, 2015 No. 37).

Refinancing interest rate (discount rate) is the interest rate when the Central Bank provides loans to commercial banks, introduced on January 1, 1992. It is also used for taxation purposes and the calculation of penalties and fines.

The key rate of the Central Bank of the Russian Federation for today is 5.00%

Rate for today

Now the key rate is minimal. It was lower last time in March 2014 (then its size dropped to 7 points). At the moment, the Central Bank's forecasts are optimistic. The regulator's management does not rule out another reduction in the near future, but does not rule out a pause. As long as favorable conditions remain, the current rate will most likely not be increased. The head of the Central Bank of the Russian Federation stated that this is not planned yet, even if economic sanctions against Russia increase.

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Calculate the benefits of refinancing a mortgage or loan Loan
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History of changes in the refinancing rate in the table and graph

For the first time since the collapse of the USSR, the refinancing rate was set by the Russian government on January 1, 1992. Then its size was 20%. For comparison, in Ukraine at that time this figure was 30%, in Kazakhstan – 25%.

The minimum refinancing rate from 1992 to the present time was set in July 2021 - 4.25%.

The maximum refinancing rate of the Central Bank of the Russian Federation is 210%. This figure was set on October 15, 1993 and lasted for six months, until April 28, 1994. At that time, the Russian economy was in chaos, inflation was measured in triple digits and the rate, accordingly, did not lag behind. In the modern history of Russia, the peak value was set in December 2014 – 17%. Today, even this figure seems huge compared to the current 5%.

Changes in the refinancing rate are clearly shown in the graph:

You can also use this table to analyze rate fluctuations:

Important!

The last change in the refinancing rate of the Central Bank of the Russian Federation in 2021 occurred on April 26 - then it was set at 5%.

If we take the current year specifically, we will have the following picture: