Refinancing rate December of the year. Refinancing rates by year

The key rate of the Central Bank of the Russian Federation today is identical to the refinancing rate. These concepts have been combined by the Bank of Russia since 2016 (Instruction No. 3894-U, dated December 11, 2015). The purpose of the key rate is that it denotes the minimum interest level established for loans that the Central Bank issues to commercial financial and credit institutions. Additionally, this indicator fixes the maximum limit on the profitability of deposits that are opened by the Central Bank for banking organizations.

Key rate of the Central Bank of the Russian Federation for today (2018): why is it needed and what does it affect?

For enterprises and individual entrepreneurs, the size of the key rate is important when determining the amount of penalties for late payment of taxes (Article 75 of the Tax Code of the Russian Federation). Tax law sets the penalty for each day in proportion to the refinancing rate. The rule applies to both enterprises of all forms of ownership and areas of activity, as well as individuals. The value of the penalty can be calculated by the tax authority or the business entity itself.

What does the size of the key rate affect:

• with its help, the Central Bank can implement regulatory activities in the financial services market;
• it helps control inflation rates;
• this percentage acts as a starting point in calculating penalties by tax authorities or compensation for late payment of income to hired personnel;
• commercial credit organizations set rates for loan and deposit programs taking into account the current key rate (the interest rate on a loan from a commercial bank always exceeds the rate of the Central Bank of the Russian Federation).

A decrease in the rate provokes an increase in the volume of money in circulation. Following the adjustment in the base rate, commercial banks begin to lower their lending rates. This action may create conditions for increased activity in the domestic consumption market and for the intensification of industrial production. The negative side of this step is increased inflation.

When the key rate increases, credit products become less profitable for both households and businesses. Periods with a high key rate are characterized by a slowdown in economic growth. The positive side is increased interest in deposits.

Key rate of the Central Bank of the Russian Federation in 2018: table

Current data on the key rate can be viewed on the website of the Central Bank of Russia. Since 2016, this indicator has been adjusted only downwards - if in September 2016 it was at the level of 10%, now its value is 7.25%. Changes in rate levels fall within the sphere of influence of the Central Bank of Russia:

• a proposal to increase or decrease the level of the key rate is submitted for discussion to the Board of Directors of the Central Bank of the Russian Federation by convening a special meeting;
• during the meeting, the economic indicators of the development of the country and individual industries are considered, the possible consequences of adjustments are analyzed and a forecast assessment of financial risks is given;
• The outcome of the discussion may be the adoption of the proposed option or a decision to maintain the current limit.

The frequency of meetings is once every 6 weeks. The rate of the Central Bank of the Russian Federation today (2018) is 7.25% (per annum), lower it was recorded only in 2013 - early 2014. The last percentage adjustment occurred on March 26 of this year. The table provides information about what the discount rate of the Central Bank of the Russian Federation is in force today (2018) and how it has changed over time since the date of introduction.

On June 15, 2018, the Board of Directors reviewed the current inflation indicators and other indicators of the economic situation in the country, on the basis of which the (key) rate of the Central Bank of the Russian Federation for today was kept within 7.25%.

Here is an example of how data on the size of the key rate can be useful to an accountant - calculating penalties:

• the company was late in paying taxes in the amount of RUB 122,560;
• the delay period was 5 calendar days.

The percentage of penalties for legal entities is calculated as 1/300 of the key rate on the date of the offense for the first 30 days of delay, from the 31st day 1/150 of the rate is applied (clause 4 of Article 75 of the Tax Code of the Russian Federation). The final calculation will look like:

(122,560 x 7.25% / 300) x 5 = 148.09 rub.

In the monetary policy of the Russian Federation until September 13, 2013, the main instrument of economic regulation was the refinancing rate, but since September a new macroeconomic concept was introduced - the “key rate”. Currently, the refinancing rate is indicated as reference information, and the key rate serves as the main indicator.

The refinancing rate for 2014 is the same as in September 2012 and is 8.25%; the key rate was introduced at 5.5%, but from March 3, 2014 it was raised to 7%. The Central Bank of the Russian Federation plans to equalize the values ​​of these indicators before January 1, 2016. Obviously, in this case the key rate will become the only indicator of economic regulation.

Why do we need a refinancing rate?

Let's figure out what the rate affects refinancing-2014:

• in the system of interbank relations, it determines the price at which commercial financial institutions receive credit resources from the Central Bank;
• in the system of lending to individuals and legal entities, it affects the high cost and availability of credit resources;
• in macroeconomic regulation it serves as a tool to curb inflation;
• on the international capital market it acts as an indicator of the attractiveness of the economy for the influx of foreign investment.

In addition, in the Russian Federation the refinancing rate as of today (2014) is directly used in taxation and in calculating fines and penalties:

• serves as a “reference point” (adjusted by 5 percentage points) for determining taxable ruble deposits: currently, personal income tax is imposed on deposits whose annual interest rate exceeds 8.25% + 5% = 13.25% (according to the scheme : personal income tax deposit amount (interest rate on deposit – 13.25%)/100%);
• used as a basis for calculating penalties for taxes and fees not paid on time (% penalty for the day of delay = 8.25% / 300);
• used to calculate the tax base for material benefits received as a result of savings on cheap loans (if the interest on the loan under the agreement is less than 2/3 of the Bank of Russia refinancing rate (2014 - 28.25/3 = 5.5%);
• acts as a rate on loans if the loan agreement does not specify the amount of interest.

Bank refinancing rate 2014

Does the size of the refinancing rate (2014) mean that commercial banks receive credit resources from the Central Bank of the Russian Federation at 8.25%? A single interest rate was established in 1992, but currently the refinancing rate has no formal link to the actual values ​​of the rates that are set by the Central Bank for individual transactions (in fact, it is based on the overnight lending rate of the Central Bank of the Russian Federation).

2013 ended with a refinancing rate of 8.25%, and inflation in Russia at the end of 2013 was 6.5%. Throughout 2013, the Bank of Russia refinancing rate remained unchanged and amounted to 8.25%.

2014 began with a refinancing rate of 8.25%. During 2014, it will continue to be adjusted to the level of the key rate. The current refinancing rate of the Bank of Russia as of January 2014 is 8.25%. The Board of Directors of the Bank of Russia, held on December 13, 2013, left it unchanged for December 2013 and January 2014. During 2014, adjustments to the level of the key rate will continue.

In Russia, the refinancing rate, in addition to regulating the economy, is also endowed with a fiscal function.

The refinancing rate is also used for the following calculations:

For failure to pay taxes on time, penalties are charged in the amount of 1/300 of the refinancing rate for each day of delay (Article 75 of the Tax Code of the Russian Federation);

Interest on ruble deposits exceeding the refinancing rate +5 percentage points is subject to personal income tax (Article 224 of the Tax Code of the Russian Federation);

If there are no conditions in the loan agreement regarding the amount of interest, this interest is paid at the refinancing rate (Article 809 of the Civil Code of the Russian Federation);

If an employer violates the terms of payment of wages, vacation pay, etc., then he pays employees a penalty in the amount of 1/300 of the refinancing rate for each day of delay (Article 236 of the Labor Code of the Russian Federation).

Also, most fines and penalties in contracts between private firms are calculated based on the current refinancing rate of the Central Bank.

Since the beginning of 2016, the refinancing rate has been set at 11%. Over the previous 12 months the figure was 8.25%. The value did not change from September 2012 until December 31, 2015. The decision to increase the indicator was made on December 11, 2015 at the Board of Directors of the Bank of Russia. The goal was achieved by equating the refinancing rate to the key rate of the Central Bank of the Russian Federation.

Calculation of penalties at the refinancing rate 2015

In accordance with the law, the penalty is calculated in case of failure to fulfill a financial obligation. This is done provided that the contract contains no language regarding the payment of penalties.

According to the law, even if the contract does not provide for penalties, they must still be paid in accordance with the established algorithm.

For each day of delay, a certain percentage of the amount is charged, which is equal to a small fraction of the refinancing rate. The calculation formula looks like this: Penalty = Amount of debt * refinancing rate * number of days of delay / 360.

Refinancing rate in 2014

Throughout 2014, the refinancing rate remained at 8.25%, the key rate of the Central Bank of the Russian Federation was fixed at 17%, and the inflation rate for this period was 11.4%. Throughout 2014, there were constant discussions about adjusting the refinancing rate in accordance with the level of the key rate, but in fact the value of the indicator did not change from January to December. The end of the year was marked by a sharp increase in the key rate, against the background of which the leadership of the Central Bank of the Russian Federation decided to leave the refinancing rate unchanged.

Refinancing rate 2015

Throughout 2015, the financial regulator reduced the refinancing rate several times. On February 2, the figure changed from 17% to 15%; on March 16, another change was recorded from 15% to 14%; on May 5, a decrease followed from 14% to 12.5%. The next decrease was recorded on June 16, 2015 to the level of 11.5%.

The board of directors of the regulator explained the decrease in the refinancing rate by a noticeable slowdown in the rate of economic development within the country and a weakening of the inflation risk factor. In the future, the Central Bank of the Russian Federation also intends to adhere to the policy of reducing the refinancing rate while recording a slowdown in the growth of consumer prices.

Advice from Sravni.ru: There is an opinion that the main reason for reducing the key rate is not related to inflation expectations, but is dictated solely by the desire to depreciate the ruble in order to compensate for the loss of profit to oil and gas market players. At the same time, in order to suppress speculation on the part of commercial banks and again to reduce the ruble exchange rate, the regulator is increasing foreign exchange repo rates.