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central bank Russia has in its arsenal many tools that allow it to regulate the economic situation in the country. The key was and remains the refinancing rate.

This indicator determines the level of inflation and the work of commercial financial and credit institutions. Experts and analysts know the instrument in question as the discount rate bank interest.

The refinancing rate is the interest rate at which the Central Bank of the Russian Federation issues loans to commercial banks. This figure is expressed as a percentage on an annualized basis. There is a simple pattern. The higher the refinancing rate, the higher the interest rate commercial banks charge for loans issued to customers.

In addition, at the beginning of 2016, the Government of the Russian Federation decided that changes were made to the functioning of the Central Bank. From that moment on, the indicator in question was equated to the key rate of the Bank of Russia. Thus, now the value of the refinancing rate is not set separately. It was replaced by the meaning key rate.

At the same time, in professional discussions, financiers still use all three of these concepts.

Today, the bank interest rate is 7.75% per annum.

Features of regulation

Adjusting the refinancing rate is a strong lever of the Central Bank of the Russian Federation, allowing it to control the activities of commercial banks in the country.

There are 2 methods of influencing financial and credit institutions.

• The Central Bank of the Russian Federation lowers the key rate. In such a situation, a commercial bank has no choice but to increase its own reserves. This happens by minimizing expenses for obtaining loans from the Central Bank of the Russian Federation. The other side of the coin is the increase in amounts for transactions with clients.
• The Central Bank of the Russian Federation raises the key rate. Such actions by the regulator provoke the opposite effect. An increase in the refinancing rate leads to a decrease in the reserves of financial institutions. Amounts of transactions with clients are reduced.

Thus, adjusting the refinancing rate has an impact on national economy powerful effect. This affects not only banks, but also businesses and ordinary citizens. In this regard, every decision to change the macroeconomic indicator under consideration is made after a thoughtful analysis of the possible consequences.

Relationship with inflation

Changing the refinancing rate has a multidirectional effect. In particular, the adjustment of the instrument in question affects the level of inflation in the country. And this indicator directly affects the interests of all people and companies.

For 2017–2018, the Central Bank of the Russian Federation formulated its main task as maintaining the inflation rate in the range of 4–4.5% per annum. With the help of such actions, the regulator’s analysts expect to stabilize the financial situation in Russia and reach a sustainable pace economic growth.

The logic here is simple. An increase in the key rate for commercial banks means an increase in the cost of money that can be received from the Central Bank of the Russian Federation. The normal reaction of financial institutions is to increase interest on loans. Companies and individuals in this situation spend and invest less. Money is saved. The demand for goods and services is falling. As a result, inflation decreases.

A decrease in the key rate for commercial banks means a reduction in the cost of funds received from the Central Bank of the Russian Federation. Interest on loans decreases. Individuals and legal entities are actively investing. Demand for goods and services increases. Inflation is rising.

How does it affect deposits?

Ordinary people are not interested in subtleties monetary policy conducted by the Central Bank. They are much more interested in the opportunity to open deposits in financial institutions at high interest rates.

Naturally, the refinancing rate affects the profitability of deposits. Banks in many ways become hostage to the current level of the indicator under consideration. Financial and credit institutions play according to the rules introduced by the regulator of state monetary policy.

The existing pattern is simple. If the Central Bank of the Russian Federation lowers the key rate, the yield on deposits also falls. And vice versa. As the level of the macroeconomic indicator under consideration increases, the interest on the offered deposits increases.

This is naked economic theory. As practice shows, banks do not always strive to quickly respond to changes in the key rate. At least when it comes to increasing the return on deposits.

Calculation rules

There is no point in calculating the refinancing rate on your own. The fact is that its size is determined by many variables and is calculated by complex formula. Besides, it makes no practical sense.

If you need to find out the current value of the indicator in question, just go to the website Central Bank Russia. We do not recommend using other third-party resources for this.

What affects it

It must be taken into account that the key rate never changes spontaneously. Pre-hundreds of analysts and financial experts analyze the current economic situation in the country. Thousands of factors are taken into account. Naturally, among them there are defining ones. Let's take a closer look at them.

Current inflation

Attentive people have noticed that in fund releases mass media These two indicators often go inextricably linked. If at first the news presenter spoke about the refinancing rate, then soon you will hear about the inflation rate. And vice versa.

It is important to take into account that the Central Bank does not set the goal of reducing inflation indicators to zero or negative values. Moreover, the gradual depreciation of money is a natural financial process that has a positive impact on the country’s economy. Deflation is even considered harmful by experts.

Economic activity

The Central Bank constantly monitors the processes taking place in the country. The level of economic activity of business and population is important indicator. When it begins to decline and reaches dangerous levels, the Central Bank decides to reduce the key rate.

The result of this regulatory policy is to increase the availability of funds for citizens and business entities. Investment activity is growing. New businesses are opening. The demand for goods, works and services is growing. The economy is picking up.

The main thing is to know when to stop. Otherwise there will be a problem of hyperinflation. Such a rapid depreciation of money will provoke an economic crisis.

Financial and credit conditions

Cash is limited resource from the population and companies. When business entities lack financial opportunities, they go to commercial banks for loans. However, no one will use money that is too expensive. Simply put, loans are popular when the interest rates are not too high.

The Central Bank monitors current financial conditions and availability of financial resources. If the situation is not favorable, then a decision is made to reduce the key rate. And vice versa. When there is too much money in the economy, the regulator takes the opposite action.

Inflation risks

The Central Bank is forced to look for a middle ground in its policies. A long period during which the refinancing rate remains unchanged, as a rule, negatively affects the financial situation in the country.

As soon as the risk of accelerating inflation becomes too great, the regulator takes adequate measures. The refinancing rate is a tool that can lead to the desired changes in a short time.

Additional functions

Any macroeconomic indicator influences many processes. When we talk about the refinancing rate, this statement is even more true. The fact is that Civil Code The Russian Federation and a number of other regulations have found several for the value under consideration additional ways use.

• The Tax Code provides for the use of this indicator when calculating the amount of fines and penalties in case of failure to comply with the established procedure for paying a tax or fee.
• The refinancing rate also applies when it comes to using borrowed money under an agreement that does not specify the percentage of remuneration.
• Late payment of wages to company employees entails liability. The amount of compensation to victims is calculated using the indicator under consideration.
• If the state wants to provide assistance to entrepreneurs, then it is accepted special program. The amount of incentive is calculated based on the Refinancing Rate.

Summing up, we can conclude that the use of the described macroeconomic tool is multifaceted. In this case, a pattern should be noted. A reduction in the key rate stimulates the economy, while an increase, on the contrary, slows it down.

Refinancing rate from 17 to 16 percent. This is the second decrease since the beginning of the year. "Kur"er understood what the refinancing rate is and why it is being reduced.

What is the refinancing rate

This is the interest rate at which the National Bank issues loans to commercial banks.

The refinancing rate determines how expensive or cheap loans banks can provide to their clients.

In loan agreements with clients interest rate on a loan is often tied by banks to the size of the refinancing rate, and when it changes, the cost of the loan changes either down or up.

Why is the National Bank lowering rates?

A decrease in the refinancing rate leads to an improvement in the liquidity (profitability) of banks, and they can afford to issue more available loans population and business.

The more accessible the money, the more of it is spent on investment in the economy. As a result, the economy grows. At the same time, an increase in the supply of money in the economy can lead to accelerated inflation.

If you increase the refinancing rate, this limits the economy’s access to credit, inflation and devaluation are slowed down. But this measure leads to a slowdown in economic growth in the country.

What will happen to the deposits

Banks attract deposits and then use this money as loans. And since they issue loans at a lower interest rate, they cannot offer people a higher interest rate on deposits. Banks make money on the difference. Interest on deposits decreases when the refinancing rate decreases.

What will happen to the loans?

If loans are tied to the refinancing rate, then when it decreases they become cheaper.

Word from the expert. For investors - minus, for borrowers - plus

Alexander Mukha, financial analyst research group BusinessForecast. by:

“In essence, the refinancing rate (RR) is the main interest rate, which sets the tone for the dynamics of other interest rates financial market countries. Therefore, when the refinancing rate changes, other deposit and credit market rates also change.

Along with the reduction of the SR to 16%, the National Bank reduced upper limit for operations to support current liquidity of banks from 22 to 20%.

Following the reduction in CP, we can expect a further reduction in interest rates on ruble loans and deposits within two months.

In my opinion, based on the analysis of statistical data, interest rates on loans will decrease at a faster rate than on deposits - by 2-3%. For deposits a little less - within 1%.

For investors, there is a possibility that the return on deposits will decrease slightly. Attractiveness revocable deposits on short term may decrease to a greater extent.

For those people who are already borrowers, this is also a signal that ruble loans will become cheaper. I think the attractiveness of ruble loans will increase. A reduction in CP for depositors is a minus, for borrowers it is a plus.

I believe that in the current situation, the decision of the National Bank to reduce the refinancing rate by one percentage point looks justified
and rational.

I think that if the political leadership supports the policy of the National Bank, we will see significant changes in the coming years, and the course taken by the main bank will allow us to slow down annual inflation to an acceptable 5-7%.

Today, there is a high probability that the National Bank will carefully reduce the refinancing rate in the future. In 2017, the gradual decrease in interest rates will continue, but compared to 2016, the rate of decrease will slow down.

In any case, the National Bank will monitor and control the situation on the domestic foreign exchange market and in the monetary sphere."

A word to the people of Slutsk. Is it good or bad when the refinancing rate decreases?

Elena, bank employee. Photo: Olga Pazderina Elena, bank employee: “The refinancing rate is the rate at which the National Bank provides loans to all other banks. If it decreases, then interest rates on all loans decrease. We tell all clients that if the refinancing rate decreases, then this is a plus for you.”
Anna, pensioner Anna, pensioner: “If the rate falls, then this is good for the population. I previously took out a loan from one of the banks, and it was unprofitable for me - I overpaid twice as much. My sister told me that it’s also good for businesses when the refinancing rate goes down.”
Natalya, employee kindergarten Natalia, kindergarten employee: “The main thing is that this does not affect our salaries. My son’s loan is tied to the refinancing rate, but for some reason we didn’t notice that the payment had become smaller. Just the opposite happened, although the rate decreased. We'll figure out".
Elena, engineer Elena, engineer: “For those who take out loans, this is positive news. Once upon a time I had a loan, before the refinancing rate jumped. Now I don’t save money, I spend it right away. With our economy to the common man It’s better not to save money, but to constantly invest it somewhere. And where - the person decides for himself. I need money to live, and everything else comes later.”
Alla, pensioner Alla, pensioner: “Maybe this is good for those who take out loans. Personally, I try not to have debt. I think that a reduction in the refinancing rate is bad for the Belarusian economy. For her, probably, the higher the bet, the better.”

Each of us in life is faced with financial problems and ways to solve them. Sometimes this requires taking out a loan for a certain amount. Sometimes the question arises: why are such high interest rates? Much depends on the refinancing rate. What is it and what is it for? Let's try to figure it out.

What is the refinancing rate?

So, when it comes to borrowing money, you should contact a commercial or National Bank. After reading all the conditions and signing the contract, a financial amount is issued at a certain interest rate. Where does the bank get such large resources? Any financial institution can borrow cash from the Central Bank of the Russian Federation. The refinancing rate is the annualized interest at which the Central Bank issues loans to all commercial banks and other organizations.

How is this explained in simple example? Let's say financial institution lacks material resources which he has from deposits from the population. To obtain necessary funds, the organization will not turn to competitors who provide finance at the same high interest rates. To reduce its costs, the bank concludes loan agreement for a certain amount of money from the Central Bank. Such a deal is the most profitable, because the refinancing rate - the interest at which this loan is issued - is 8-10%. Through billing period(1 year) the borrower undertakes to return the capital provided to him along with the accrued premium.

During this time, the organization uses the funds received to carry out various monetary transactions and issuing loans at high interest rates. For example, if the Central Bank discount rate was 10%, then for clients it will be 19-25%. The resulting difference brings profit to the financial institution with which you work.

Important: the higher the refinancing percentage of the Central Bank of the Russian Federation, the higher the interest rate on deposit and loan payments for the population.

One of the functions of the Central Bank is the development of the banking system of the entire country. Thanks to this, financial organizations receive capital from outside on favorable terms. With income at their disposal, they can:

• reduce interest rates on loans for borrowers and increase their competitiveness;
• provide the client with more suitable conditions, such as extending the loan term and deferring payment;
• significantly increase your profits by issuing more credit funds, cash loans or mortgage loans.

What is the essence of this scheme and why cannot the Central Bank directly issue borrowed money? The answer is simple: Finance center the country is a creditor for its entire credit system and therefore cooperates only with large divisions. It is profitable for him to work with amounts amounting to tens and hundreds of thousands. In this regard, he collaborates with a huge amount structures that have their own branches and affiliates and act as intermediaries in relations with capital.

Important: from September 13, 2013, a new concept was introduced into credit policy- key rate. It determines the amount of interest in transactions on short-term loans. Also, the interest rate plays a major role in the monetary sphere. Since 2016, the key rate has fully corresponded to the refinancing rate.

How is it determined?

The state of the current refinancing rate depends on the stability of the country's economy and the level of inflation. Inflation is an increase in prices for services and goods due to the depreciation of money and the depreciation of the national currency. Accompanied by loss purchasing power citizens.

If the inflation rate changes, then the Central Bank changes its interest rate in proportion to it. When the interest rate on loans decreases, the number of borrowings begins to grow rapidly. This stimulates the economy of the entire country. It becomes profitable for clients to take out debt for small additional payments. Accordingly, it increases purchasing power population, goods and services are being sold more and more.

This situation benefits medium and small businesses. Sales revenue increases, and with it production capacity increases. As a result, the number of purchases increases, the turnover of goods from sellers becomes greater, and they begin to raise prices. Final stage- inflation is rising.

The refinancing rate works as one of the ways to identify market value money. Its value can be assigned by default or through competitive selection. Having studied the history of the country's economy (since 1992), you can see that the key rate is related to the inflation rate. For example:

• For 2014, the rate was 8.25%, while inflation was 11.4%. The difference is 3.15%.
• At the end of 2015, the rate was 8.25% with inflation at 12.9%. The difference is 4.65%.
• In 2016, the rate increased to 10% with record low inflation of 5.4%. The difference is 4.6%.
• 2017 On this moment the key rate is 8.25% along with inflation of 3%. The difference is 5.25%.

Why is it necessary?

What role in modern world Does the refinancing rate play a role in finance? It is the main government lever for regulating inflation. In what other processes does this rate appear?

1. The level of interest that commercial banks and organizations undertake to pay after receiving a loan from the Central Bank. Today, the Central Bank uses the value of the key rate when working with borrowing funds for a short time. If the loan term is set from 1 week to 1 year, the refinancing rate also takes part in such operations.
2. The main discount rate indicator reflects the state of the country's economy. Fluctuations in the refinancing rate index are displayed on additional payments on investments and deposits. Depositors should carefully monitor notifications from the Central Bank, as the final deposit amount may change significantly. In order to attract capital to the bank, interest rates are set for deposits at an indicator that is lower than the refinancing rate. Accordingly, to issue finance they use interest that is an order of magnitude higher than the established rate. This is the main income for banking institutions. A change in the key rate index leads to economic growth or decline, to increased inflation or, conversely, to its decrease.
3. Also, the amount of taxes for bank deposits. When taxed, a rate of 35% is established on income from deposits and the excess amount, which is calculated according to the refinancing rate. Income individuals are taxed in case of interest exceeding the rate by more than 10 points. All payments are made by the financial institution.
4. Used when the developer violates the rights of a potential home owner. For example, if the deadline for transfer of a finished property is not met without serious reasons.
5. Based on the rate indicator, the employer’s financial liability is calculated in the following situations: delay or non-payment wages, vacation pay, sick leave and other payments for legally. In such cases financial compensation is 1/300 of the Central Bank refinancing rate of the unpaid amount for each day of delay.
6. Using the value of the rate, charges are calculated regarding fines and penalties, payments for public services, which go to the state budget. This also applies to payments for various types compensation to support small businesses or provide tax credit. For both physical and legal entity penalties for debt payments of taxes or contributions are accrued at the refinancing rate. This value is used by default for calculating penalties. According to Tax Code the fine is calculated every day, and the interest rate is 1/300 of the refinancing rate of the Central Bank of the Russian Federation.

Important: If you learn about an increase or decrease in the key rate, think about the benefits that can be derived from such a situation.

When does the refinancing rate increase?

The value of the refinancing rate is one of key factors state of the country's economy. The more the rate rises, the more the demand for investments from foreign investors. National banks make it possible to increase interest on deposits, then it becomes very profitable for investors to invest in them monetary resources.

On the other hand, an increase in the refinancing rate entails an increase in the cost of credit funds in the country, and therefore it becomes unprofitable for small and medium-sized entrepreneurs to apply for loans and receive money to increase production turnover. After raising the discount rate, unemployment may begin and there may be a decrease in the amount of monetary resources in free circulation.

When the Central Bank's refinancing rate increases, what reason could be behind it? Main point- this is a deterioration in general economic situation. To stabilize the situation, they raise the interest rate. What results does this bring?

1. The Central Bank increases the refinancing rate.
2. For commercial and financial organizations the price of money increases.
3. Subsequently, interest rates on loans increase.
4. It becomes unprofitable to borrow funds - lending volumes are reduced.
5. Due to the low turnover of monetary resources, the purchasing power of the population is falling.
6. There is a decrease in demand for goods and services.
7. Sellers are slowing down price increases to restore sales levels.

This stops inflation processes due to a slight decline economic indicators in the country. An increase in the main discount rate limits the economy's access to credit and foreign exchange resources. Ideally, the refinancing rate should be maintained at such a level that deposits generate income and the possibility of lending is available to legal entities (entrepreneurs) and individuals (ordinary citizens).

History of changes in the refinancing rate

Let us recall that this concept, from January 1, 2016, refers to the key rate indicator, which is equal to the refinancing rate. The independent meaning of the latter is no longer indicated.

So, what happened to the discount rate over 25 years?

• It was first set on January 1, 1992 and amounted to 20%, but did not last long at this level.
• During 1993 and 1994, the rate reached its highest value and amounted to 210%.
• From 1995 to 1996, the percentage fluctuated from 180 to 80 points and gradually decreased.
• During 1997, although the rate changed many times, at the end of 1998 it remained the same - 60%.
• Between 1999 and 2000, the rate continued to decline from the original 60% to 28%.
• From 2001 to 2002, the established percentage was 23 points.
• The years 2003 and 2004 are characterized by a constant reduction in the rate to 14%.
• At the end of 2006 the value was 11.5%.
• In the period from 2007 to 2008, there was a stable decrease in the rate by 0.5%, respectively, the value was 11%.
• After increasing the rate, which was 13% at the beginning of 2009, it decreased to 8.25% by the end of 2010.
• In 2011, its value remained almost unchanged and remained at 8%. Such stability was also observed in 2012.
• From 2013 to 2014, the rate underwent minor fluctuations and amounted to 8.25%.
• In 2015, the refinancing rate remained unchanged and was determined at 8.25%.
• By the end of 2016, the rate remained at 10%.
• At the moment, the latest key rate since October 30, 2017 is 8.25%.

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So, the refinancing rate is one of the main indicators financial condition states. It regulates many processes in banking system. Therefore, before taking out a loan or making a deposit, consider the percentage of this rate and its state over the past few months.

In contact with

If you want to understand what a refinancing rate is, then first you should understand the essence of the concept of refinancing. In legislation Russian Federation it is stated that this term should be understood as lending by the Russian Central Bank to other credit institutions. The Central Bank itself serves a very significant financial structure, concentrating in itself practically all the monetary resources of the state, while “willingly” lending them to anyone who wishes, if this means more or less large credit organizations of a commercial nature. Since the Central Bank has billions at its disposal, it does not issue loans of several thousand. By “willingly,” we mean that he does not give it to organizations just like that; usually this is done on the terms of repayment and compensation, and the percentage is quite large. in this case, it is the same for all credit institutions; this is what is meant by the term refinancing rate. Many people who are at least somehow affected by the topic of lending want to know what it is. It is important to understand that the Central Bank annually appoints specific meaning this rate. The value of this parameter varies in a fairly wide percentage range and depends on a lot of factors.

What is the refinancing rate and what is its significance?

It is generally accepted that the refinancing rate serves as an important indicator monetary policy Central Bank. Using this instrument, the bank changes the level, stabilizing prices and regulating inflationary growth. Inflation is regulated according to a very specific scenario. We have already understood what the refinancing rate of the Central Bank of the Russian Federation is, now let's look at the sequence of actions taking place in this scenario.

First, the Central Bank reduces the refinancing rate. After this, commercial banks have the opportunity to take out a “cheaper” loan, which affects their own credit rate, which also becomes lower. It turns out that now legal entities and individuals can take out loans in commercial banks much cheaper. Due to the euphoria that has swept over citizens, they begin to accumulate an increasing number of loans, buying everything they need. The result of this is an increase in demand for goods in stores, which causes prices to rise, while significantly accelerating the rate of inflation. All this becomes the reason for the Central Bank to increase rates and begin to become more expensive, which affects citizens, because now they take them less willingly, so they buy noticeably less. This does not mean consumer goods. This allows you to reduce At this time, there is stagnation in the markets valuable papers, since it becomes unprofitable to buy and sell them, because there is nowhere to get money from, and loans are issued at a high interest rate. The result of this situation is that the Central Bank is trying to somehow revive the market by lowering the refinancing rate. This movement can well be called endless, since throughout the history of banks we have observed a decrease and increase in this indicator many times. You already understand what the refinancing rate is.

Let's look at what areas of our lives it is used in. If interest on deposits of individuals exceeds the refinancing rate by 5%, then such income will be taxed. If the loan agreement does not specify an interest rate, it is set equal to the refinancing rate. And in other cases this indicator very important.

We figured out what the refinancing rate is and what its purpose is. It is clear that it is an important economic parameter that directly affects the life of every citizen.