«Oil of Russia», 10.06.16, Moscow, 08:44 Board of Directors Meeting of Bank of Russia on monetary policy will take place in Moscow on Friday.
Below is a guide on the introduction of the key rate of the Central Bank of the Russian Federation and its changes.
The key rate was introduced by the Bank of Russia as an instrument of monetary policy 13 September 2013.
CBR brought the key rate in the complex system of measures in the framework of the transition to inflation targeting in order to increase the transparency of monetary policy. In addition to the introduction of the key rate, the CBR measures also included the formation of the interest rate corridor Bank of Russia’s banking sector and optimize the system tools for liquidity management and the changing role of the refinancing rate of the Bank of Russia system tools. On January 1, 2016 the refinancing rate of the value equated to the value of the key rate, the refinancing rate independent value is not set.
September 13, 2013 the regulator officially announced key rate monetary policy rate of the auction to provide and absorb liquidity in the one week, it amounted to 5.5% per annum.
3 March 2014 the Central Bank tightened monetary policy by raising the key rate from 5.5% to 7% per annum. “The decision is aimed at preventing the emergence of risks to inflation and financial stability associated with the observed recently increased level of volatility in the financial markets”, – stated in the report of the Central Bank
April 25, 2014 The Bank of Russia raised the key rate. to 7.5% from 7%, citing increased inflationary risks.
July 25, 2014 Bank of Russia on the basis of the Board of Directors increased the key interest rate from 7.5% to 8% per annum. Regulator’s decision is not in line with expectations of analysts, who expected that the Central Bank will take a wait and see position on the issue of changes in interest rates, limiting verbal interventions.
On November 5, 2014 The Bank of Russia raised its key rate to 9.5% per annum,
12 December 2014 – to 10.5%. The decision coincided with forecasts of analysts.
On 16 December 2014 the Board of Directors of the Bank of Russia raised its key rate from 10.5 to 17% per annum. “This decision is due to the need to limit significantly increased in recent devaluation and inflation risks,” – said the regulator. In addition, the Central Bank introduced a floating rate of the key plus 1.75 percentage points for loans under non-market assets. Previously, such loans for a period of 2 to 90 days, provided at a fixed rate. At the same time the board of directors “decided to maintain unchanged the refinancing on specialized instruments interest rates”.
January 30, 2015 the Bank of Russia on the results of the meeting of the Board of Directors decided to reduce the key interest rate from 17% to 15%. The central bank made this decision “taking into account the change in the balance of risks to accelerate growth in consumer prices and cool the economy.” Experts expect that the Central Bank will keep its key rate at 17%, because the conditions for its decline is not formed: the inflation in Russia remains high, and the ruble – weak
13 March 2015 the Board of Directors of the Bank of Russia decided. decision to reduce the key rate c 15% to 14%, given that the balance of risks still tilted to the more significant cooling of the economy.
30 April 2015 on the results of the board meeting of the Bank of Russia decided to reduce key rate from 5 May by 1.5 percentage points -. to 12.5% per annum, taking into account the weakening of inflationary risks, while maintaining a significant cooling of the economy risks
on the June 16 decision of the Board of Directors of the Central Bank lowered the key rate by 1 percentage point -. c 12,5% to 11,5% per annum
July 31, 2015 Board of Directors of the Bank of Russia decided to cut the key interest rate from 11.5% to 11%, given that the balance risks are still tilted to the significant cooling of the economy, despite a slight increase in inflation risks.
Then, the regulator was forced to “freeze” a bet against the background of accelerating inflation.
at the meeting of 11 September 2015 for the first time since the beginning of the year the Central Bank left its key rate unchanged.
January 29, 2016 The Bank of Russia has once again kept its benchmark rate unchanged at 11% per annum, but abruptly changed the tone of his statement, adding press release phrase about a possible tightening of monetary policy.
18 March the Bank of Russia for the fifth time in a row did not change its key interest rate, while maintaining it at 11% per annum. At this time the Central Bank refrained from statements to tighten its policy, but made it clear to the market that is unlikely to weaken it.
April 29 Board of Directors of the Bank of Russia once again decided to maintain its key rate at a level of 11%. read more on http://www.oilru.com/news/519413/
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