|
January 1, 1992
|
|
the refinancing rate was set at 20%.
|
|
February 1, 1992
|
|
the reserve requirement rates for demand accounts and time
accounts with terms shorter than 1 year were set at 10%, and the rates for
liabilities falling due after 1 year were set at 5%.
|
|
March 1, 1992
|
|
the reserve requirement rates for demand accounts and time
accounts with terms shorter than 1 year were set at 15%, and the rates for
liabilities falling due after 1 year were set at 10%.
|
|
March 30, 1992
|
|
the refinancing rate was raised to 50%.
|
|
April 1, 1992
|
|
the reserve requirement rates were set at 20% for demand
accounts and accounts with terms under 1 year and 15% for liabilities
falling due after 1 year. These rates were effective until February 1,
1995.
|
|
May 23, 1992
|
|
the refinancing rate was raised to 80%.
|
|
June 8, 1992
|
|
the Bank of Russia started setting the official
ruble/foreign currencies exchange rate on a weekly basis. Besides the
official rate, there was a market rate which was fixed by the results of
trading sessions on MICEX.
|
|
March 30, 1993
|
|
the refinancing rate was raised to 100%.
|
|
June 2, 1993
|
|
the refinancing rate was raised to 110%.
|
|
June 22, 1993
|
|
the refinancing rate was raised to 120%.
|
|
June 29, 1993
|
|
the refinancing rate was raised to 140%.
|
|
July 15, 1993
|
|
the refinancing rate was raised to 170%.
|
|
September 22, 1993
|
|
the refinancing rate was raised to 180%.
|
|
October 15, 1993
|
|
the refinancing rate was raised to 210%.
|
|
April 29, 1994
|
|
the refinancing rate was reduced to 205%.
|
|
May 17, 1994
|
|
the refinancing rate was reduced to 200%.
|
|
June 2, 1994
|
|
the refinancing rate was reduced to 185%.
|
|
June 22, 1994
|
|
the refinancing rate was reduced to 170%.
|
|
June 30, 1994
|
|
the refinancing rate was reduced to 155%.
|
|
August 1, 1994
|
|
the refinancing rate was reduced to 150%.
|
|
August 24, 1994
|
|
the refinancing rate was reduced to 130%.
|
|
October 12, 1994
|
|
the refinancing rate was raised to 170%.
|
|
November 17, 1994
|
|
the refinancing rate was raised to 180%.
|
|
January 6, 1995
|
|
the refinancing rate was raised to 200%.
|
|
February 1, 1995
|
|
reserve requirement rates were differentiated: 22% for
demand accounts and commercial bank liabilities falling due after 30 days
or less; 15% for liabilities falling due after more than 30 days up to 90
days, inclusive; 10% for liabilities falling due after more than 90 days;
2% for current accounts in foreign currency.
|
|
May 1, 1995
|
|
reserve requirement rates on demand accounts and commercial
bank liabilities falling due after 30 days or less were reduced to 20%;
the rates on liabilities falling due after more than 30 days up to 90
days, inclusive, were reduced to 14%; for time liabilities falling due
after 90 days the rates did not change (10%); the rates on current
accounts in foreign currency were cut down to 1.5%.
|
|
May 16, 1995
|
|
the Bank of Russia refinancing rate was reduced to 195%.
|
|
June 19, 1995
|
|
the Bank of Russia refinancing rate was reduced to 180%.
|
|
July 6, 1995
|
|
the ruble exchange rate fluctuations were limited and set
at 4.300 rubles to 4.900 rubles for one US dollar for the period from
July 6 to October 1, 1995.
|
|
October 1, 1995
|
|
the ruble exchange rate fluctuations were limited to
4.300-4.900 rubles per US dollar for the period from October 1 to
December 31, 1995.
|
|
October 24, 1995
|
|
the Bank of Russia refinancing rate was reduced to 170%.
|
|
November 30, 1995
|
|
the ruble exchange rate fluctuations were limited to
4.550-5.150 rubles per US dollar for the period from January 1 to June
30, 1996.
|
|
December 1, 1995
|
|
the Bank of Russia refinancing rate was reduced to 160%.
|
|
February 10, 1996
|
|
the refinancing rate was reduced to 120%.
|
|
May 1, 1996
|
|
the reserve requirement rates on demand accounts and
commercial bank liabilities falling due after 30 days or less were reduced
to 18%; the reserve rates on liabilities falling due after more than 30
days up to 90 days, inclusive, were not changed (14%), the rates on
liabilities falling due after 90 days remained unchanged (10%) and the
rates on current accounts in foreign currency were reduced to 1.25%.
|
|
May 16, 1996
|
|
the ruble exchange rate fluctuations were limited for the
period from July 1 to December 31, 1996, to 5.000-5.600 rubles for 1 US
dollar as of July 1, 1996, and 5.500-6.100 rubles as of December 31,
1996.
|
|
June 11, 1996
|
|
the reserve requirement rates were hiked to 20% on demand
and time accounts of commercial banks falling due after 30 days or less,
to 16% on liabilities falling due after more than 30 days up to 90 days,
inclusive, to 12% on liabilities falling due after 90 days, and to 2.5% on
foreign-currency current accounts.
|
|
July 24, 1996
|
|
the Bank of Russia refinancing rate was reduced to 110%.
|
|
August 1, 1996
|
|
the reserve requirement rates were reduced to 18% on demand
accounts and commercial banks’ liabilities falling due after 30 days or
less, to 14% on liabilities falling due after more than 30 days up to 90
days, inclusive, and to 10% on liabilities falling due after 90 days, and
the reserve requirement rates on current accounts in foreign currency were
raised to 5%.
|
|
August 19, 1996
|
|
the Bank of Russia refinancing rate was reduced to 80%.
|
|
October 21, 1996
|
|
the Bank of Russia refinancing rate was reduced to 60%.
|
|
November 1, 1996
|
|
the reserve requirement rates on demand accounts and
commercial bank liabilities falling due after 30 days or less were reduced
to 16%, the rates on liabilities falling due after more than 30 days up to
90 days, inclusive, were cut down to 13%, the rates on liabilities falling
due after 90 days did not change (10%) and the rates on foreign currency
current accounts remained unchanged (5%).
|
|
November 26, 1996
|
|
the ruble exchange rate band was set from 5.500 rubles to
6.100 rubles per US dollar as of January 1, 1997, and from 5.750 rubles to 6.350
rubles as of December 31, 1997.
|
|
December 2, 1996
|
|
the Bank of Russia refinancing rate was reduced to 48%.
|
|
February 10, 1997
|
|
the Bank of Russia refinancing rate was reduced to 42%.
|
|
April 28, 1997
|
|
the Bank of Russia refinancing rate was reduced to 36%.
|
|
May 1, 1997
|
|
the compulsory reserve requirements on demand accounts and
fixed-term liabilities of commercial banks under 30 days were cut down to
14%, on fixed-term liabilities with terms from 30 to 90 days to 11%, on
fixed-term liabilities in excess of 90 days to 8%, and on current
accounts in foreign currency the compulsory reserve requirements were
raised to 6%.
|
|
June 16, 1997
|
|
the Bank of Russia refinancing rate was reduced to 24%.
|
|
October 6, 1997
|
|
the Bank of Russia refinancing rate was reduced to 21%.
|
|
November 11, 1997
|
|
the Bank of Russia refinancing rate raised to 28%.
|
|
November 11, 1997
|
|
reserve requirement for foreign-exchange borrowings made by
banks is raised to 9%.
|
|
November 11, 1997
|
|
after January 1, 1998, the Bank of Russia central exchange
rate for a three-year period (1998-2000) will be 6.2 rubles to the dollar
(after denomination) and its possible fluctuations will not be allowed to
exceed 15%.
|
|
February 1, 1998
|
|
a single reserve requirements ratio of 11% was set on
banks' attracted funds in rubles and foreign currency.
|
|
February 2, 1998
|
|
the Bank of Russia refinancing rate was raised to 42%.
|
|
February 17, 1998
|
|
the Bank of Russia refinancing rate was reduced to 39%.
|
|
March 2, 1998
|
|
the Bank of Russia refinancing rate was reduced to 36%.
|
|
March 16, 1998
|
|
the Bank of Russia refinancing rate was reduced to 30%.
|
|
May 19, 1998
|
|
the Bank of Russia refinancing rate was raised to 50%.
|
|
May 27, 1998
|
|
the Bank of Russia refinancing rate was raised to 150%.
|
|
May 27, 1998
|
|
Lombard credit auctions are resumed from June 1 to August
1, 1998.
|
|
June 5, 1998
|
|
the Bank of Russia refinancing rate was reduced to 60%.
|
|
June 29, 1998
|
|
the Bank of Russia refinancing rate was raised to 80%.
|
|
July 24, 1998
|
|
the Bank of Russia refinancing rate was reduced to 60%.
|
|
August 17, 1998
|
|
the Bank of Russia switched to the floating exchange rate
of the ruble within new limits of the currency band: 6-9.5 RUR/$.
|
|
August 24, 1998
|
|
a single ratio of 10% for required reserves on attracted
funds in rubles and foreign currency was introduced; for Russia's Sberbank
the ratio of required reserves on attracted funds was lowered to 7%.
|
|
September 1, 1998
|
|
Ratios to the tune of 5% were set for required reserves on
attracted funds in rubles and foreign currency for Sberbank and credit
institutions whose share of investment in government securities (GKO-OFZ)
in operating assets was 40% and above. The ratio of 7.5% was set for
required reserves on attracted funds in rubles and foreign currency for
credit institutions whose share of investment in government securities
(GKO -OFZ) in operating assets was in the range of 20-40%.
|
|
September 2, 1998
|
|
the Bank of Russia cancelled the upper limit of changes in
the official ruble exchange rate of 9.5 RUR/$.
|
|
October 6, 1998
|
|
two trading sessions were introduced on MICEX: a special
morning trading session where the compulsory sale of 50% of export
earnings is effected along with foreign currency purchases by authorised
banks which submit clients' applications; and an evening session where
banks buy and sell foreign currency on their behalf and for their own
account.
|
|
December 1, 1998
|
|
a single ratio of 5% for required reserves on attracted
funds in rubles and foreign currency was set.
|
|
March 19, 1999
|
|
a required reserve ratio on attracted legal entities' is
set at the level of 7%.
|
|
June 10, 1999
|
|
the Bank of Russia refinancing rate was reduced to 55.0%.
|
|
June 10, 1999
|
|
the required reserves ratio on individuals' deposits in
rubles was increased up to 5.5%; on attracted funds of legal entities in
rubles and foreign currency and on deposits of individuals in foreign currency - up to 8.5%.
|
|
January 1, 2000
|
|
the required reserves ratio on individuals' deposits in
rubles was increased up to 7%; on attracted funds of legal entities in
rubles and foreign currency and on deposits of individuals in foreign currency - up to
10.0%.
|
|
January 24, 2000
|
|
the Bank of Russia refinancing rate was reduced to 45.0%.
|
|
March 7, 2000
|
|
the Bank of Russia refinancing rate was reduced to 38.0%.
|
|
March 21, 2000
|
|
the Bank of Russia refinancing rate was reduced to 33.0%.
|
|
July 10, 2000
|
|
the Bank of Russia refinancing rate was reduced to
28.0%.
|
|
November 4, 2000
|
|
the Bank of Russia refinancing rate was reduced to
25.0%.
|
|
April 9, 2002
|
|
the Bank of Russia refinancing rate was reduced to 23.0%.
|
|
August 7, 2002
|
|
the Bank of Russia refinancing rate was reduced to 21.0%.
|
|
February 17, 2003
|
|
the Bank of Russia refinancing rate was reduced to 18.0%.
|
|
June 21, 2003
|
|
the Bank of Russia refinancing rate was reduced to 16.0%.
|
|
January 15, 2004
|
|
the Bank of Russia refinancing rate was reduced to 14.0%.
|
|
April 1, 2004
|
|
the required reserves ratio on attracted funds of legal
entities in rubles and foreign currency and on deposits of individuals in
foreign currency was decreased up to 9.0%.
|
|
June 15, 2004
|
|
the Bank of Russia refinancing rate was reduced to 13.0%.
|
|
June 15, 2004
|
|
the required reserves ratio on attracted funds of legal
entities in rubles and foreign currency and on deposits of individuals in
foreign currency was decreased up to 7.0%.
|
|
July 8, 2004
|
|
the Bank of Russia reduced the required reserve ratio
on liabilities to individuals in rubles from 7% to 3.5%;
the required reserve ratio on credit institutions' other liabilities in
rubles and foreign currency was reduced from 7% to 3.5%.
|
|
August 1, 2004
|
|
the Bank of Russia set the required reserve ratio on
credit institutions' liabilities to non-resident banks in rubles and
foreign currency at 2% and the averaging ratio for the calculation of the
average value of required reserves at 0.2.
|
|
December 26, 2005
|
|
the Bank of Russia refinancing rate was reduced to 12.0%.
|
|
June 26, 2006
|
|
the Bank of Russia refinancing rate was reduced to 11.5%.
|
|
October 1, 2006 |
|
the required reserve ratio on credit institutions' liabilities to
non-resident banks in rubles and foreign currency was increased to 3.5%;
when calculating the average value of required reserves the averaging
ratio for credit institutions was raised to 0.3. |
|
October 23, 2006
|
|
the Bank of Russia refinancing rate was reduced to 11.0%.
|
|
January 29, 2007
|
|
the Bank of Russia refinancing rate was reduced to 10.5%.
|
|
June 19,2007 |
|
the Bank of Russia refinancing rate was reduced to 10.0%. |
|
July 1, 2007
|
|
the required reserve ratio on credi institutions'
liabilities to non-resident banks in rubles and foreign currency and other
credit institutions' liabilities in rubles and foreign currency has been
raised to 4.5%, and the ratio on credi institutions' liabilities to
individuals in rubles - to 4.0%.
|
|
October 11, 2007 |
|
all required reserve ratios were reduced by one percentage point for a
term of three months (October 11, 2007 – January
14, 2008) to raise the banking sector liquidity. |
|
November 1, 2007 |
|
the averaging ratio for calculating the average value of required reserves
was raised to 0.4. |
|
February 4, 2008 |
|
the Bank of Russia refinancing rate was raised to 10.25%. |
|
March 1, 2008 |
|
the required reserve ratio on credi institutions' liabilities to
individuals in rubles has been raised to 4.5%, the ratio on credi
institutions' liabilities to non-resident banks in rubles and foreign
currency - to 5.5%, the required reserve ratio on credit institutions'
other liabilities in rubles and foreign currency - to 5.0%; when
calculating the average value of required reserves the averaging ratio
has been raised to 0.45. |
|
April 29, 2008 |
|
the Bank of Russia refinancing rate was raised to 10.5%. |
|
June 10, 2008 |
|
the Bank of Russia refinancing rate was raised to 10.75%. |
|
July 1, 2008 |
|
the required reserve ratio on credi institutions' liabilities to
individuals in rubles has been raised to 5.0%, the ratio on credit
institutions' liabilities to non-resident banks in rubles and foreign
currency - to 7.0%, the required reserve ratio on credit institutions'
other liabilities in rubles and foreign currency - to 5.5%; when
calculating the average value of required reserves the averaging ratio
has been raised to 0.5. |
|
July 14, 2008 |
|
the Bank of Russia refinancing rate was raised to 11.0%. |
|
September 1, 2008 |
|
the required reserve ratio on credi institutions' liabilities to
individuals in rubles has been raised to 5.5%, the ratio on credit
institutions' liabilities to non-resident banks in rubles and foreign
currency - to 8.5%, the required reserve ratio on credit institutions'
other liabilities in rubles and foreign currency - to 6.0%; when
calculating the average value of required reserves the averaging ratio
has been raised to 0.55. |
|
September 18, 2008 |
|
the required reserve ratio on credi institutions' liabilities to
individuals in rubles has been reduced to 1.5%, the ratio on credit
institutions' liabilities to non-resident banks in rubles and foreign
currency - to 4.5%, the required reserve ratio on credit institutions'
other liabilities in rubles and foreign currency - to 2.0%. |
|
October 1, 2008 |
|
the averaging ratio for calculating the average value of required reserves will be raised to 0.6. |
|
October 15, 2008 |
|
to stabilise the situation on the domestic financial market and maintain
banking sector liquidity the required reserve ratio for all credit
institutions’ obligations subject to mandatory provisions has been
temporarily reduced to 0.5% (with subsequent increases in February and
March 2009). |
|
November 12, 2008 |
|
the Bank of Russia refinancing rate was raised to 12.0%. |
|
December 1, 2008 |
|
the Bank of Russia refinancing rate was raised to 13.0%. |
|
April 24, 2009 |
|
the Bank of Russia refinancing rate was reduced to 12.5%. |
|
May 1, 2009 |
|
the required reserve ratio for each type of credit institutions’
obligations subject to mandatory provisions is set at 1.0%. |
|
May 14, 2009 |
|
the Bank of Russia refinancing rate was reduced to 12.0%. |
|
June 1, 2009 |
|
the required reserve ratio for each type of credit institutions’
obligations subject to mandatory provisions is set at 1.5%. |
|
June 5, 2009 |
|
the Bank of Russia refinancing rate was reduced to 11.5%. |
|
July 1, 2009 |
|
the required reserve ratio for each type of credit institutions’
obligations subject to mandatory provisions is set at 2.0%. |
|
July 13, 2009 |
|
the Bank of Russia refinancing rate was reduced to 11.0%. |
|
August 1, 2009 |
|
the required reserve ratio for each type of credit institutions’
obligations subject to mandatory provisions is set at 2.5%. |
|
August 10, 2009 |
|
the Bank of Russia refinancing rate was reduced to 10.75%. |
|
September 15, 2009 |
|
the Bank of Russia refinancing rate was reduced to 10.5%. |
|
September 30, 2009 |
|
the Bank of Russia refinancing rate was reduced to 10.0%. |
|
October 30, 2009 |
|
the Bank of Russia refinancing rate was reduced to 9.5%. |
|
November 25, 2009 |
|
the Bank of Russia refinancing rate was reduced to 9.0%. |
|
December 28, 2009 |
|
the Bank of Russia refinancing rate was reduced to 8.75%. |
|
February 24, 2010 |
|
the Bank of Russia refinancing rate was reduced to 8.5%. |
|
March 29, 2010 |
|
the Bank of Russia refinancing rate was reduced to 8.25%. |
|
April 30, 2010 |
|
the Bank of Russia refinancing rate was reduced to 8.0%. |
|
June 1, 2010 |
|
the Bank of Russia refinancing rate was reduced to 7.75%. |
|
February 28, 2011 |
|
the Bank of Russia refinancing rate was raised to 8.0%. |
|
February 1, 2011 |
|
the required reserve ratio on credit institutions' liabilities to
non-resident legal entities in rubles and foreign currency has been
raised from 2.5% to 3.5%; the required reserve ratio on credit
institutions' liabilities to individuals and other liabilities in rubles
and foreign currency has been raised from 2.5% to 3.0%. |
|
March 1, 2011 |
|
the required reserve ratio on credit institutions' liabilities to
non-resident legal entities in rubles and foreign currency has been
raised from 3.5% to 4.5%; the required reserve ratio on credit
institutions' liabilities to individuals and other liabilities in rubles
and foreign currency has been raised from 3.0% to 3.5%. |
|
April 1, 2011 |
|
the required reserve ratio on credit institutions' liabilities to
non-resident legal entities in rubles and foreign currency has been
raised from 4.5% to 5.5%; the required reserve ratio on credit
institutions' liabilities to individuals and other liabilities in rubles
and foreign currency has been raised from 3.5% to 4.0%. |
|
May 3, 2011 |
|
the Bank of Russia refinancing rate was raised to 8.25%. |
|
December 26, 201 |
|
the Bank of Russia refinancing rate was reduced to 8.0%. |
|
September 14, 2012 |
|
the Bank of Russia refinancing rate was raised to 8.25%. |
|
March 1, 2013 |
|
the required reserve ratio for each type of credit institutions’
obligations subject to mandatory provisions is set at 4.25%. |
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