Press Service

The Central Bank of the Russian Federation (Bank of Russia)

Press Service

12 Neglinnaya Street, Moscow, 107016 Russia;
www.cbr.ru

Information Notice

Interest rates on Bank of Russia operations

On 1 June 2018, the Bank of Russia Board of Directors decided to set interest rates on Bank of Russia operations with credit institutions as key rate spreads. This decision defines a general approach to rate-setting on Bank of Russia operations depending on the level of the key rate as the main monetary policy instrument.

The said approach also covers rate-setting on Bank of Russia specialised refinancing facilities.

This decision anchors current interest rate spreads on Bank of Russia operations to the key rate.

Effective 4 June 2018, interest rates on Bank of Russia monetary policy instruments are as follows:

Purpose Type of instrument Instrument Term Interest rate
Liquidity provision Standing facilities Loans secured by non-marketable assets or guarantees from 2 to 549 days Bank of Russia key rate plus 1.75 pp
Overnight loans; FX swaps (ruble leg); Lombard loans; repos 1 day Bank of Russia key rate plus 1.00 pp
Loans secured by non-marketable assets or guarantees
Open market operations Auctions to provide loans secured by non-marketable assets from 1 to 3 weeks, 3 months, 18 months Bank of Russia key rate plus 0.25 pp
Lombard loan auctions 36 months
Repo auctions 1 week, from 1 to 6 days Bank of Russia key rate
Liquidity absorption Open market operations Deposit auctions
Standing facilities Deposit auctions 1 day Bank of Russia key rate less 1.00 pp

Effective 4 June 2018, interest rates on Bank of Russia specialised refinancing instruments are as follows:

Name of instrument Interest rate
Bank of Russia loans secured by the guarantees of JSC Russian Small and Medium Business Corporation the lower of the two values: 6.50% p.a. or the Bank of Russia key rate
Bank of Russia loans secured by the pledge of receivables on loan agreements entered by JSC SME Bank with credit institutions or microfinance organisations and which are targeted for lending to small and medium enterprises, and also with leasing companies, which are targeted for leasing property to small and medium enterprises
Bank of Russia loans secured by the pledge of receivables on loan agreements secured by the insurance contracts of OJSC EXIAR
Bank of Russia loans secured by the pledge of receivables on loans extended to leasing companies
Bank of Russia loans secured by the pledge of receivables on loans issued to fund investment projects or by the pledge of bonds placed to fund investment projects and included in the Bank of Russia Lombard List the lower of the two values: 9.00% p.a. or the Bank of Russia key rate less 1.00 pp.
Bank of Russia loans secured by mortgages issued under the Military Mortgage Programme Bank of Russia key rate

Subsequently, interest rates on Bank of Russia operations will be revised in line with changes in the Bank of Russia key rate according to the established spreads.

Press releases on key rate revisions will not highlight interest rates on Bank of Russia operations, starting from the press release in the follow-up to the Board of Director’s meeting to be held on 15 June 2018. Accordingly, no press releases will be published on the revisions of interest rates on Bank of Russia specialised refinancing instruments. Individual press releases on the revisions of interest rates on Bank of Russia monetary policy instruments will be published only if the rate-setting approach changes.

Interest rates on Bank of Russia operations will be published on the Bank of Russia website in the section Interest rates on Bank of Russia operations. Additionally, relevant interest rates on monetary policy operations will continue to be posted on main page of the Bank of Russia website in the section ‘Parameters of Bank of Russia operations’.

01 June 2018

The reference to the Press Service is mandatory if you intend to use this material.

× Закрыть