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Interest rates on the Bank of Russia operations

% p.a.

Purpose Type of instrument Instrument Term Rate since 03.02.14 Rate since 03.03.14
(from 11:00 Moscow time)
Rate since 28.04.14 Rate since 28.07.14 Rate since 05.11.14 Rate since 12.12.14 Rate since 16.12.14
Liquidity provision Standing facilities (fixed interest rates) Overnight loans;
FX swaps (rouble leg);
Lombard loans;
REPO
1 day 6.50 8.00 8.50 9.00 10.50 11.50 18.00
Loans secured by gold1 1 day 6.50 8.00 8.50 9.00 10.50 11.50 18.00
from 2 to 549 days2 7.00 8.50 9.00 9.50 11.00 12.00 18.50
Loans secured by non-marketable assets or guarantees1 1 day 6.50 8.00 8.50 9.00 10.50 11.50 18.00
from 2 to 549 days2 7.25 8.75 9.25 9.75 11.25 12.25 18.75
Open market operations (minimum interest rates) Loans secured by non-marketable assets, auctions3 3 months, 18 months4,5 5.75 7.25 7.75 8.25 9.75 10.75 17.25
Lombard credit auctions3,4 36 months           10.75 17.25
REPO auctions from 1 to 6 days6, 1 week 5.50
(key rate)
7.00
(key rate)
7.50
(key rate)
8.00
(key rate)
9.50
(key rate)
10.50
(key rate)
17.00
(key rate)
Liquidity absorption Open market operations (maximum interest rates) Deposit auctions from 1 to 6 days6,7, 1 week
Standing facilities (fixed interest rates) Deposit operations 1 day, call 4.50 6.00 6.50 7.00 8.50 9.50 16.00
Memo item:              
Refinancing rate 8.25 8.25 8.25 8.25 8.25 8.25 8.25
 
1 From 30 June 2014 to 15 December 2014 loans for up to 90 days were provided at a fixed interest rate, loans for 91 to 549 days - at a floating interest rate, linked to the Bank of Russia key rate. Starting from 15 December 2014 loans for 2 to 549 days are provided at a floating interest rate, linked to the Bank of Russia key rate.
2 Until 30.06.2014 loans were provided for 2 to 365 days.
3 Loans provided at a floating interest rate, linked to the Bank of Russia key rate.
4 Auctions are conducted irregularly.
5 Until 16.10.2014 loans were provided for 12 months.
6 Fine-tuning operations.
7 Maximum interest rate on deposit auctions for terms from 1 to 6 days is effective since 17.02.2014.
 
Interest rates on the Bank of Russia suspended operations

Updated December 16, 2014.

Interest rates on the Bank of Russia operations