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On Bank of Russia key rate and other measures

16 December 2014
Press release

From 16 December 2014 the Bank of Russia Board of Directors decided to raise the Bank of Russia key rate to 17.00 percent per annum. This decision is aimed at limiting substantially increased ruble depreciation risks and inflation risks.

From 16 December 2014 in order to strengthen the efficiency of monetary policy loans secured by non-marketable assets or guarantees for 2 to 549 days will be provided at a floating interest rate, set at the Bank of Russia key rate level, increased by 1.75 percentage points (up to the present these loans for 2 to 90 days were provided at fixed rate).

Moreover, for further expanse of credit institution ability to manage their foreign exchange liquidity it was decided to increase maximum allotment amount for 28-day FX REPO auctions from 1.5 to 5.0 billion USD and to conduct 12-month FX REPO auctions on weekly basis.

Interest rates on the Bank of Russia major operations 1
(% p.a.)

Purpose Type of instrument Instrument Term Rate since 12.12.14 Rate since 16.12.14
Liquidity provision Standing facilities (fixed interest rates) REPO;
Overnight loans;
Lombard loans;
Loans secured by gold;
Loans secured by non-marketable assets and guarantees;
FX swaps (ruble leg)
1 day 11.50 18.00
Open market operations (minimum interest rates) Loans secured by non-marketable assets, auctions2 3 months 10.75 17.25
REPO auctions from 1 to 6 days3, 1 week 10.50
(key rate)
(key rate)
Liquidity absorption Open market operations (maximum interest rates) Deposit auctions from 1 to 6 days3, 1 week
Standing facilities (fixed interest rates) Deposit operations 1 day, call 9.50 16.00
Memo item:
Refinancing rate 8.25 8.25

Complete information on interest rates on the Bank of Russia operations is given in the Table Interest rates on the Bank of Russia operations.

Floating interest rate linked to the level of the Bank of Russia key rate.

3 Fine-tuning operations.

Information notice ‘On the procedure for conducting fine-tuning operations’.

Information notice ‘On fine-tuning operations to absorb liquidity’.

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