is one of the main instruments and indicators of monetary policy pursued by the Central Bank of the Russian Federation. The Central Bank applies this rate when it carries out operations to regulate the liquidity of the banking system.
The key rate
has been calculated since September 2013. Then its value was set at 5.5% per annum. Prior to its implementation, the main indicator of the Bank of Russia’s monetary policy was the refinancing rate
, which has been used on the market since 1992 and in January 2016, was equated to the key rate of the Central Bank of the Russian Federation.
The value of the Central Bank’s key rate is periodically reviewed at the Board of Directors Meetings of the Bank of Russia on monetary policy issues, following which a decision is made either to increase or to reduce the key rate or to maintain it at the same level. This decision is usually made taking into account the dynamics of inflation and inflation risks, as well as the economic activity of the population.
The key rate of the Bank of Russia is the reference rate
since the coupon rate on the bonds of the Bank of Russia is linked to it (for example, on the Bank of Russia, COBR-38
). Accrued interest (ACI)
on such securities is accrued for each day of the coupon period at the key rate of the Bank of Russia, which is valid on that day.