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Monetary Policy

“Guidelines for the Single State Monetary Policy in 2011 and for 2012 and 2013” (0.69Mb)

Monetary Policy Measures

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%.
Updated February 13, 2013.
Monetary Policy Measures