The refinancing rate of the Central Bank by year table. The current refinancing rate of the Central Bank

The current refinancing rate (key rate) of the Central Bank of the Russian Federation is 7.75% (valid from December 17, 2018 to the present)

Refinancing rate- this is a different monetary supply of other banks. The Central Bank of Russia gives money on credit to commercial banks and other financial organizations, and they, in turn, give loans to both ordinary citizens (individuals) and various companies and organizations (legal entities).

In practice, it looks like this: a commercial bank can take from the Central Bank - let's say one million dollars. A year later, he is obliged to return to the central bank the total amount of one million US dollars + interest that has accumulated during this time at the same refinancing rate. During this year, a commercial bank lends money to the population and organizations at a higher interest rate than the refinancing rate - and makes a profit. The population receives loans, the Central Bank also does not remain at a loss - everyone seems to be happy.

In numbers, it may look like this: let's say the refinancing rate is 10% (you can find out the exact rate for today at the end of the article). The bank borrows a certain amount of money from the Central Bank of Russia at 10% per annum, and then issues this money to ordinary citizens, for example, at 18% per annum. The bankers pocket the difference they get.

Why doesn't the state central bank lend to people directly?

The Central Bank works only with large sums, there are not millions, but tens and hundreds of millions of dollars are spinning. To put it simply - "it's not a royal business, to issue loans to every old woman."

It turns out that banks act as intermediaries, but this is even to our advantage, since banking organizations have an extensive structure with hundreds of offices and ATMs throughout the country, which allows ordinary citizens to find a branch closest to their home and receive the necessary financial services.

Can a commercial bank get more and cheaper money from the Central Bank, and distribute its loans at a higher price?

Roughly speaking, yes, it can. But commercial banks cannot establish a very big difference - competition, however!

You will "tear three skins" - customers will run away to another bank. And you will be left with the state sum of money, but they must be returned!

Therefore, as a rule, lending rates in different credit institutions do not differ much.

True, there are exceptions to the rule. We are talking about credit organizations that are engaged in large stores, as well as lending using cards sent by mail. Examples of such organizations: Bank Home Credit, Russian Standard, OTP Bank, Alfa Bank, Renaissance Credit and others. Interest rates in such cases can reach 30-70%. This is achieved due to the psychological aspects of people's behavior, as well as the low level of financial literacy.

Where does the specific value of the refinancing rate come from?

The refinancing rate is determined based on the current economic situation in the country and . If the inflation rate rises, the central bank raises the refinancing rate. If the inflation rate goes down, then the Central Bank lowers the refinancing rate.

It usually looks like this: when the refinancing rate is low, loans become available. The interest rate on loans is falling and people are willing to take them. Still, after all, you will have to overpay a little, then it is profitable to borrow money. You can buy a lot of everything and slowly pay off.

Businesses are better off. The more money they attract to their business and the cheaper this money is, the more goods they can produce and receive more revenue.

As a result, when people have a lot of money on hand, there are more purchases, as a result of which goods usually begin to rise in price. People are starting to sweep everything off the shelves. There are not enough goods for everyone and sellers begin to raise their prices. At the same time, inflation starts to rise.

Let me remind you that in different periods of time, for the same amount of money, you can buy different quantities of the same product.

A high level of inflation affects people's well-being. The higher the inflation, the lower the level of people's well-being and the more dissatisfied they are. And this is already a threat to the government of the country, since the discontented people can rise up and choose other rulers for themselves.

That's why, refinancing rate acts as a tool to influence the inflation rate in the country. To reduce inflation, the refinancing rate is raised. What makes loans more expensive? It becomes unprofitable and expensive for people to take them, which ultimately affects their purchasing power.

People have less money and people start spending less. Earned funds go only to the most necessary. We have to give up delicacies and newfangled gadgets. Because of this, sales in stores are falling and sellers begin to reduce prices for goods. All this leads to lower inflation.

Refinancing rate and taxation

It should be noted that in addition to the cases listed above, the refinancing rate is also applied in taxation.

• In particular, tax is levied on income that exceeds the refinancing rate + 5 percentage points. For example, if you opened a deposit at 15 percent per annum, while the refinancing rate was 10%. Then for the calculation we add 5 to 10 and get the same 15%. That is, there will be no tax on income on the deposit. But if you then made a new deposit at 16% per annum at the same refinancing rate, then you will have to pay a tax of 35% from 1% of the income received on the deposit.
• Also, the refinancing rate helps to determine the amount of compensation that the employer is obliged to pay to the employee in case of delay in wages, vacation pay or money due upon dismissal. day.
• And finally, the refinancing rate is used to determine penalties for persons who owe taxes and various fees. To do this, use the following formula:

Change in the refinancing rate from 1992 to the present:

Conclusion

We hope that our article helped you answer the question: What is the refinancing rate of the Central Bank of the Russian Federation and why is it needed. And if you have any questions, you can ask them below in the comments.

On March 22, 2019, the Bank of Russia decided to keep the key rate at 7.75% per annum. The rate in this value has been in effect since December 14, 2018. Then the key refinancing rate was increased by 0.25%. In 2018, the Central Bank of the Russian Federation raised the key rate twice, for example, on September 13 - to 7.5%. Probably, in the future it is worth waiting for changes in the refinancing rate of the Central Bank of the Russian Federation in 2019. A table from the official website of the regulator about the change in the rate is given in the article.

Let us tell you in more detail what the refinancing rate is, how it is applied in accordance with the law, and how its change affects the Russian economy.

Definition of the term and its history

The refinancing rate was introduced back in 1992. Instruction of the Central Bank of the Russian Federation (Bank of Russia) dated 11.12.2015. it was equated to the key rate.

To explain what the refinancing rate is in an understandable language, economic terms are indispensable. In fact, this is the percentage per annum at which the Central Bank lends to commercial banks, and the key rate is a short-term interest rate, according to which the Central Bank is ready to provide weekly loans to commercial banks and accept deposits from them for the same period.

Thus, this indicator affects the cost of loans for the population. The rate of inflation depends on what rate is in force in the country, what is its size. In an effort to lower inflation, the Bank of Russia raises the key rate, banks are forced to raise interest on loans, making them less affordable, which leads to a decrease in purchasing power and less pressure on the national currency. The refinancing rate is used for tax purposes and for calculating penalties and penalties in accordance with the law.

Meaning

The refinancing rate of the Central Bank of the Russian Federation for today in 2019 is equal to the key rate, since it has not been set separately since 2016 (clause 2 of the instruction of the Central Bank of the Russian Federation of December 11, 2015). The key rate of the Central Bank of the Russian Federation for today is 7.75%. This value is set in accordance with the information of the Central Bank of the Russian Federation of March 22 of the current year.

According to the statement made by the Chairman of the Bank of Russia Elvira Nabiullina, it was decided not to raise the rate taking into account many factors. One of them was a decrease in annual inflation in January-February (5.2%) compared to forecasts made at the end of 2018. The Bank of Russia also forecasts a moderate increase in inflation in 2019, and therefore admits the possibility of a key rate cut. The decision on the amount of this indicator is made by the Board of Directors of the Central Bank of the Russian Federation. The next meeting will be held on April 26, 2019, and then the rate may be adjusted.

Let's give an example of how the rate changed during 2017-2019 in the table.

The refinancing rate of the Central Bank of the Russian Federation for 2019: table (official website of the Central Bank of the Russian Federation - source)

How to calculate interest and penalties?

Here are the main cases of applying the refinancing rate.

The penalty calculator can be found on various websites, including the Court of Arbitration website. You can do the calculation yourself, it's quite simple.

For example, the amount of debt is 10,000 rubles, the delay is 20 days. Here is a calculation for 1/300 and 1/150 refinancing rates.

• 10,000 * 0.025% * 20 = 50 rubles.
  10,000 * 0.05% * 20 = 100 rubles.

Thus, the formula looks like this: the amount of debt * the refinancing rate / 300 * the number of days of delay.

The refinancing rate for 2019 is set by the Central Bank at 7.75%, why do commercial banks continue to issue loans at higher interest rates?

The difference between the refinancing rate and rates on loans from commercial banks is actually a fee for the intermediary services of credit organizations. The Central Bank of the Russian Federation, in accordance with the current legislation, can control the issuance of certain loans, but it is not entitled to directly limit interest, they are formed by market processes.

It is worth adding that the refinancing rate of the Central Bank of the Russian Federation for today in 2019 is 7.75% - until recently it was a rather low indicator for Russia, but compared to other countries, the rate continues to remain at a high level. In the US, for example, it is 1.75%, in the UK - 0.5%.

Let us know what the score is refinancing rates in 2017 why you need to have this information and when to apply it in practice.

Main

Other name refinancing rates of the Central Bank of the Russian Federation- discount rate. It is measured in percentage. This indicator is set by the Central Bank. It is also the Bank of Russia.

It is one of the key factors in the economic environment. Its main goal is to show how much it costs for an ordinary bank to get a loan in the main bank of the country. But not only. It is also actively used for tax purposes, as well as for calculating sanctions against both controllers and payers - penalties at the refinancing rate and fines. It is directly related to the delay in the return of mandatory payments. Therefore, each accountant must operate with the most accurate and up-to-date data on its value.

Sometimes the refinancing rate serves as a guideline for interest for deferral or installment payment of tax (clause 4, article 64 of the Tax Code of the Russian Federation). In addition, on its basis, interest on the investment tax credit is calculated.

It should be noted that some time ago, the Central Bank of the Russian Federation introduced into circulation a similar indicator - the key rate, which confused and confused many practitioners. Particular difficulties arose when it was necessary to find out the amount of interest on controlled debt, which made it possible to reduce income tax. There were reasonable doubts about which rate to focus on - the key or refinancing. This was not clear from the text of the relevant rules of the Tax Code.

But recently, all doubts have been dispelled. The fact is that since 2016, these two indicators have been unified. The following approach has been chosen: from 01/01/2016 the refinancing rate is equated to the key rate on a specific date. Since that time, the Central Bank of the Russian Federation has not separately determined the percentage of the refinancing rate. Simply put, they will change at the same time.

Size in current year

At the time of this writing refinancing rate in 2016 took on two meanings. So, since the beginning of the year it was 11 percent. Since June 14, it has been slightly reduced - to 10.5 percent. On September 16, 2016, the Central Bank of the Russian Federation, following the meeting, lowered the rate to 10 percent. Cm. " ". Such calculation of the refinancing rate for today. 2016 year shows an encouraging trend.

From an economic point of view, this decline means a positive trend. First of all, due to a decrease in the rate of price growth.

We also note that in the 1st-2nd quarter of 2017, the leadership of the Central Bank of the Russian Federation plans to again raise the issue of reducing official refinancing rate. But it is not certain that there will actually be adjustments.

In general, it is interesting to follow the dynamics refinancing rates by years. This very clearly shows what is happening with the economy of our country. For what - see the refinancing rates in the table (including indicators of the refinancing rate in 2017).

The refinancing rate of the Central Bank of the Russian Federation for today is 7.75% (coincides with the key rate)

This is the annual percentage at which another credit institution can receive a loan from the Central Bank of the Russian Federation. In a number of foreign countries, such a term as "Discount rate" may be used. The rate conditionally reflects the current value of money for the economy. From September 13, 2013, a separate one was introduced, which made the refinancing rate a secondary instrument. Since January 1, 2016, the refinancing rate has been equated to the key rate.

How is it calculated. Its final value is influenced by many factors: the state of the economy, inflation in the country, the level of consumer prices, the situation in the banking market, and sometimes foreign policy.

Why is it needed and what does it affect

• Limitation of maximum rates on deposits and deposits. According to paragraph 7 of article 74 of the law on the central bank, the Bank of Russia has the right to impose a limit on the maximum interest rate on deposits. Such a restriction cannot be:
  - below 2/3 of the rate on deposits in rubles;
  - lower than the LIBOR rate on deposits in foreign currency.
  Thus, the lower limit of the rate on deposits is 5.5% (at a rate of 8.25). The upper limit is determined based on the average maximum rate on deposits of TOP-10 banks (determined 3 times a month).


• Commercial bank lending rates. Getting loans from the Central Bank is also one of the sources of funds for commercial banks. Consequently, the cost of these funds will also affect the final cost of the loan. Those. the lower the rate, the cheaper loans can be to end borrowers. At the same time, on the other hand, deposit rates in this situation will decrease. Of course, there is no direct correlation here, but how the refinancing rate of the central bank of the Russian Federation affects is quite noticeable.


• income tax on deposits. Income earned in excess of the official rate by 5% is taxed. The current refinancing rate is 8.25%, therefore the tax-free % on the deposit is up to 13.25 inclusive. If you receive income at a higher rate, then you will have to pay 35% personal income tax on the difference (Articles 214.2, 224 of the Tax Code of the Russian Federation).
  Example: you opened a deposit at 15% per annum, for a period of 1 year in the amount of 500,000 rubles. The tax in this case can be calculated as follows:
  Tax base = (15% * 500000) - (13.25% * 500000) = 75,000 - 66250 = 8750
  The amount of tax payable is 35 * 8750 = 3062.50 rubles.
  For individuals, the tax agent is a credit institution, so you will automatically be withheld tax for transfer to the budget. Thus, in your hands, at the end of the deposit agreement, you will receive 71,937.50 rubles.


• Violation of the terms of payment of various taxes and fees. Clause 4, Article 75 of the Tax Code of the Russian Federation is regulated. Penalties are charged according to 1/300 of the current interest rate. To calculate various penalties, we recommend using ours, it already contains all the necessary calculation options.


• Interest for the use of other people's money, as well as material benefits from saving on them. According to Art. 212 of the Tax Code of the Russian Federation - are calculated based on 2/3 of the current rate.


• Loan agreement without interest. According to paragraph 1 of Art. 809 of the Civil Code of the Russian Federation, interest is charged as a single refinancing rate of the Bank of Russia.


• Liability for delayed wages and other payments. According to Art. 236 of the Labor Code of the Russian Federation, in such cases, the employee should be charged interest for the delay based on 1/300 of the rate.

The Central Bank of the Russian Federation raised the refinancing rate. Today it has increased by 0.25 points. You will find a table of its values ​​used earlier, a table of the rates of the Bank of Russia for all operations, as well as a forecast of changes in this article.

The refinancing rate of the Central Bank of the Russian Federation was first set in 1992. Initially, it was introduced to realize the opportunity to stimulate the market economy and money circulation on the territory of the Russian Federation. But then they began to use it for other purposes. So, according to the Tax Code, it is needed to calculate:

• penalties for violation of the deadlines for paying taxes, fees and contributions (the calculation is based on the unpaid amount and 1/300 of the refinancing rate for each day of delay until the date of actual payment);
• material benefit or savings on interest on loans (the calculation is based on the loan amount and 2/3 of the refinancing rate).

Our free online service will allow you to prepare a payment order for the timely payment of taxes, fees and insurance premiums:

Make a payment

According to the Civil Code, using the rate, you can determine:

• the amount of interest due from the borrower based on the bank rate, if the conditions for interest were not specified in the agreement;
• fines and penalties for late payments, violations of delivery dates, etc.

Refinancing rate now and in the future

The refinancing rate is now 7.50% per annum. From September 17, 2018, the Central Bank of the Russian Federation raised it by 0.25 points.

The next meeting of the Board of Directors on the level of the refinancing rate will be held on October 26, 2018.

Specialists of the Central Bank of the Russian Federation note that the return of annual inflation to 4% is faster than the forecast. In August 2018, the annual growth rate of consumer prices reached 3.1%. Inflation is growing due to the increase to 1.9% of the annual growth rate of prices for food products.

According to forecasts, the growth rate of consumer prices will reach the level of 3.8-4.2% by the end of 2018. Annual inflation will peak in the first half of 2019. By the end of 2019, it will be 5.0–5.5%. Annual quarterly consumer price growth will slow to 4% in 2H 2019. In the first half of 2020, annual inflation will return to 4%. During this period, the effects of the weakening of the ruble and the increase in VAT will be exhausted.

Thus, the RF Central Bank will assess the possibility of a further increase in the refinancing rate, taking into account the dynamics of inflation and the economy, in accordance with the above forecast. The risks from external conditions and the response of financial markets to them will also be taken into account.

Refinancing rate in 2018 and earlier (table)

The value of the refinancing rate of the Central Bank of the Russian Federation over the entire history of its existence has changed quite often and in different ranges. So, the first percentage was 20%. Five months later, it quadrupled and continued to grow rapidly until mid-1994. Having reached a peak, it fluctuated around 200% for several years. In the early 2000s, the rate was reduced to an acceptable level.

Table. All values ​​of the refinancing rate of the Central Bank of the Russian Federation and the key rate

Table from the official website of the Central Bank of the Russian Federation of rates for all operations

The relationship between the key rate and the refinancing rate

The key rate is the minimum interest rate for lending to a commercial bank for a seven-day period. It is also the maximum percentage of a commercial bank deposit for 7 days.

The key rate has been in effect since 2013. But from January 1, 2016, the Central Bank of the Russian Federation equated its value to the refinancing rate (Decree No. 3894-U of December 11, 2015). Now the Central Bank of the Russian Federation is changing the key rate, and the refinancing rate is adjusted accordingly.

For lending to commercial banks, an interest rate corridor is now used.

The role of the refinancing rate in the system of instruments of the Central Bank of the Russian Federation has also changed. But methods for calculating indicators established by the Tax and Civil Codes are still tied to it.

Refinancing rate for an accountant

It is important for an accountant to know the refinancing rate in order to calculate:

• the amount of penalties for late taxes or insurance premiums;
• the amount of income of an individual in the form of material benefits on loans;
• interest on personal income tax returned later;
• compensation for delayed wages.

Penalty for delay. If you decide to submit an updated declaration or an updated calculation of contributions, first pay the unpaid tax or contributions, as well as late fees (subclause 1, clause 4, article 81 of the Tax Code). If your delay in taxes or contributions was no more than 30 days, calculate the amount of interest using the formula:

Peni \u003d Sn * Kd * 1/300 * Wed,

If the delay is 31 days or more, apply another formula:

Peni \u003d Sn * 30 * 1/300 * Wed + Sn * Kd * 1/150 * Wed,

where penalties - penalties for late tax or insurance premiums,

Sn - the amount of tax or contributions not paid on time,

Kd - the number of days late,

Ср is the refinancing rate of the Central Bank of the Russian Federation, effective during the delay period.

Personal income tax from material benefits on loans. If your organization has issued a loan in rubles without interest or at a low interest rate to an employee or other related person, this employee has income in the form of material benefits. You must calculate personal income tax on this income on the last day of each month (subclause 1, clause 1, article 212 and clause 7, clause 1, article 223 of the Tax Code). The personal income tax rate on income in the form of material benefits is 35%. To calculate the tax, use the formula (subclause 2, clause 2, article 212 and clause 2, article 224 of the Tax Code):

personal income tax \u003d Cz * (2/3 * Wed - C) / D * Kd * 35%,

where personal income tax - personal income tax from material benefits from savings on interest,

Sz - the amount of the loan,

Ср is the refinancing rate effective on the last day of the month,

C - loan rate,

D - 365 (366) days,

Kd - the number of calendar days of using the loan in a month.

Please note that if you issued a loan to an individual who is not interdependent, the material benefit is not subject to personal income tax (clause 1 of article 212 of the Tax Code).

Interest on returned late personal income tax. If you withheld excess personal income tax from an employee by mistake and did not return the tax on time, you must pay interest to this employee. Recall that you are obliged to inform the employee about each case of excessively withheld personal income tax. The employee writes an application for a refund (clause 1 of article 231 of the Tax Code). And you, as an employer, must return the amount of personal income tax to the employee within three months after the application. Interest is charged for the delay based on the refinancing rate (paragraph 5, clause 1, article 231 of the Tax Code). The formula is:

Cn \u003d Su * Cp,

where Cp is the amount of interest due to the employee for the personal income tax returned later, Su is the amount of excessively withheld personal income tax that was not returned on time, Cp is the refinancing rate effective for the period from the day when the personal income tax should have been returned to the day of actual payment.

Compensation for late pay. You must pay your salary on time at least every half month. Employees are entitled to compensation for the delay (Article 236 of the Labor Code of the Russian Federation). The minimum amount of compensation is calculated by the formula: Sk = Sz * Kd * 1/150 * Cp, where Sk is the amount of compensation due to the employee for delaying wages, Sz is the amount of wages that were paid late, Kd is the number of days of delay, Cp is the rate refinancing of the Central Bank of the Russian Federation, acting during the period of delay.

The law establishes only minimum compensation. If your organization accepts a higher amount of compensation, you are required to pay the amount in accordance with internal documents.