Interest Rates of Monetary Policy (dates of changes)
| Date | Key rate | Key rate changes (p.p.) | Liquidity absorption | Liquidity provision | Refinancing rate | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rates on deposit standing facilities1 | Rates on open market oprations (auctions)2 | Rates on lending standing facilities | |||||||||||||
| Max bid rate on deposit auctions3 | Min bid rate on repo auctions4 | Min bid rate on loan auctions5 | |||||||||||||
| Main and fine-tuning | for 1 month | for 1 year | Primary mechanism6 | Supplementary mechanism7 | 1-day lending standing facilities (loans, repos, FX swaps8) | Lombard loans9 and loans secured by non-marketable assets10, for terms from 2 to 90 days | Loans secured by non-marketable assets10, for terms over 90 days | Loans secured by gold11, for terms over 1 day | |||||||
| 18.12.2023 | 16.00 | 1.00 | 15.00 | 16.00 | 16.00 | 16.10 | 16.25 | 16.25 | 17.00 | 17.75 | — | — | — | — | 16.00 |
* And interest rates on the Supplementary mechanism of liquidity provision. Set by the Board of Directors of the Bank of Russia.
1 On "overnight" deposits; also on "tom-next", "spot-next" and "call" deposits (discontinued from 17.05.2018).
2 Main auctions are weekly conducted for 1 week, fine-tuning auctions are conducted with terms from 1 to 6 days (type of auction: deposit or repo). Loan auctions are conducted in case of large structural liquidity deficit, they have not been conducted since April, 2016.
3 On main auctions, since 17.02.2014 - also on fine-tuning auctions.
4 Repo auctions for 1 year (12 months) were discontinued from 01.02.2014 and renewed from 14.05.2020.
5 For 3 months; from 03.02.2014 to 15.10.2014 - also for 12 months, in addition, from 16.10.2014 - for 18 months, from 11.12.2014 - for 36 months and from 19.12.2014 - for terms 1-3 weeks (all of them discontinued from 01.07.2016).
6 Repos for 1 day, loans with terms from 1 to 180 days (incl. "overnight" loans). And interest rate on FX swaps for 1 day.
7 Repos with terms from 1 to 180 days, loans secured by non-marketable assets with terms from 1 to 180 days.
8 Buy/sell FX swaps were discontinued from April, 2022; interest rate is on ruble leg, from 01.01.2022 interest rate on USD leg is equal to SOFR, interest rate on EUR leg is equal to €STR; from 23.12.2016 to 31.12.2021 interest rates on FX leg were equal to LIBOR on 1-day loans in correspondent currency; from 18.06.2012 to 22.12.2016 there were no interest on FX leg.
9 From 25.03.2022.
10 Before 30.09.2018 on standing loans secured by non-marketable assets or guarantees.
11 Discontinued from 01.04.2017, cancelled from 16.07.2017.
Loans secured by non-marketable assets or gold with terms from 366 to 549 days were launched on June 30, 2014.
Interest rates on loan and repo standing facilities with terms over 1 day are floating (on loans - from 16.12.2014, on loans with terms over 90 days - from 30.06.2014).
Interest rates on auction-based longer-term loans and repos are floating: on one-year repos - from 14.05.2020, on one-month repos - from 09.01.2023.
Data is available from 03.02.2014 to 18.12.2023.