Discount rate year. The key rate of the Central Bank will replace the refinancing rate in the documents. Where is the refinancing rate applied?

The Bank of Russia has updated the key rate. See what the rates are for today, download the full table of refinancing rates of the Central Bank of the Russian Federation for 2019 and previous periods.

The value of the refinancing rate of the Central Bank of the Russian Federation for today (2019)

The Central Bank of the Russian Federation abolished the concept of the refinancing rate in 2016, now it is called the key one. The Bank of Russia periodically approves the size of the key rate, the value of which corresponds to the refinancing rate. On June 14, 2019, the Central Bank lowered this figure for the first time this year. See below for current sizes.

As of today, the refinancing rate approved by the RF Central Bank is 7.5%. It has been in effect since June 17, 2019 (information is available on the official website of the Bank of Russia). This is the first decrease in the current year - before that, the indicator has not changed since December 2018.

Table of changes in the refinancing rate in 2019

The interest rate (refinancing) was changed by the Central Bank of the Russian Federation several times. See the full table of rate values ​​in 2018-2019 below.

Refinancing rate of the Central Bank of the Russian Federation for 2018-2019

The next meeting of the Board of Directors of the Bank of Russia, which will consider the issue of the key rate level, is scheduled for July 26, 2019. The time of publication of the press release on the decision of the Board of Directors of the Bank of Russia is 13:30 Moscow time. According to forecasts, the refinancing rate of the Central Bank of the Russian Federation may further reduce.

How to check the rate for today on the official website of the Central Bank of the Russian Federation

You can check the current rate on the official website of the Central Bank of the Russian Federation cbr.ru

Important! On the official website of the Central Bank, see the value of the key rate for today. From January 1, 2016, the refinancing rate is equal to the key value.

Why does an accountant need to know the refinancing rate?

The accountant needs to know the refinancing rate in the following cases:

• Calculation of penalties for late payment of taxes and fees;
• Calculation of material benefits from savings on interest when calculating personal income tax;
• Calculation of compensation for delayed payment of wages and other similar payments.

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Below we will analyze with examples how the refinancing rate in 2019 is used in these cases, and how its change affects the calculation.

Penalties for late payment of taxes and fees

Any delay in the payment of taxes and fees will result in the payment of penalties. The amount of penalties is determined by the formula:

Example. Penalty calculation

On April 25, 2019, the accountant submitted a VAT return for the 1st quarter of 2019, and transferred 1/3 of the tax to the budget only on April 30. The amount of tax payable amounted to 400,000 rubles.

Thus, the company delayed the tax payment by 4 days (from 26.04 to 29.04).

The refinancing rate during this period did not change and amounted to 7.75%.

Simultaneously with the payment of tax, it is necessary to transfer a penalty in the amount of 413.33rub. (400,000 rubles * 7.75%: 300 * 4 days)

Important! If the refinancing rate changed during the period of delay in payment, then when calculating penalties, use the appropriate values ​​for the periods of their validity.

Financial benefit from interest savings

In 2019, the date of receipt of income by an individual from savings on interest will be the last day of the month, so the accountant must know the interest rate (refinancing) of the Central Bank of the Russian Federation for today.

Use the following formula to calculate the amount of material benefit:

Important! To calculate the material benefit from savings on interest, it does not matter if the rate changes “within” the month.

Compensation for late payment of wages

Compensation for delayed payments in favor of the employee is calculated based on 1/150 of the refinancing rate in force today. Use the following formula:

Example. Compensation calculation

The company delayed the payment of wages for January 2019 by 10 days. The total debt amounted to 500,000 rubles.

The key rate in January 2018 is 7.75%.

The amount of compensation was 2 rubles. (500,000 rubles / 150 * 7.75% * 10 days)

Important! If the rate has changed during the period of delayed payment to employees, then when calculating compensation, use the corresponding values ​​for the periods of their validity.

The key rate of the Central Bank of the Russian Federation for today is identical to the refinancing rate. These concepts have been merged 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 level of interest set 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.

The 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). The tax law establishes a fine for each day in proportion to the refinancing rate. The rule applies both to enterprises of all forms of ownership and activities, and to individuals. The value of the penalty can be calculated by the tax authority or by the business entity itself.

What influences the size of the key rate:

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

Lowering the rate provokes an increase in the amount of money in circulation. Following the adjustment of the base interest, commercial banks begin to lower their lending rates. This action can create conditions for increased activity in the domestic consumption market and for the activation of industrial production. The negative side of this step is the growth of inflation.

With an increase in the key rate, loan products become less profitable for both the population and businesses. Periods with a high level of the key rate are characterized by a slowdown in economic growth. The positive side is the increased interest in deposits.

The key rate of the Central Bank of the Russian Federation in 2018: table

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

• a proposal to raise or lower the key rate is submitted for discussion by 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 predictive 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 1 time every 6 weeks. The rate of the Central Bank of the Russian Federation for today (2018) is 7.25% (per annum), it was lower only in 2013 - early 2014. The last percentage adjustment occurred on March 26 of the current year. The table provides information about the current discount rate of the Central Bank of the Russian Federation for today (2018) and how it has changed in dynamics since the date of introduction.

On June 15, 2018, the Board of Directors considered the current inflation rates 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 was kept within 7.25% for today.

Here is an example of how an accountant can use data on the size of the key rate - the calculation of penalties:

• the company overdue tax payment in the amount of 122,560 rubles;
• 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 31 days 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 rubles.

Central Bank of the Russian Federation (Bank of Russia)
Press service

107016, Moscow, st. Neglinnaya, 12

The Bank of Russia decided to cut the key rate by 25 bp to 7.25% per annum

On July 26, 2019, the Board of Directors of the Bank of Russia decided to reducekey rate by 25 bp to 7.25% per annum. Inflation continues to slow down. However, inflation expectations remain elevated. The growth rates of the Russian economy are below the expectations of the Bank of Russia. Weak economic activity, along with temporary factors, limits inflationary risks in the short term. According to the forecast of the Bank of Russia, taking into account the ongoing monetary policy, annual inflation will return to 4% in early 2020.

If the situation develops in line with the baseline forecast, the Bank of Russia admits the possibility of a further reduction in the key rate at one of the next meetings of the Board of Directors and a transition to a neutral monetary policy in the first half of 2020. The Bank of Russia will make decisions on the key rate taking into account the actual and expected inflation dynamics relative to the target, economic development over the forecast horizon, as well as assessing the risks from internal and external conditions and the reaction of financial markets to them.

Dynamics of inflation. Inflation continues to slow down. The annual growth rate of consumer prices in June decreased to 4.7% (from 5.1% in May 2019) and, according to estimates as of July 22, amounted to about 4.6%. Annual core inflation in June decreased for the first time since March 2018 and amounted to 4.6%. Seasonally adjusted monthly consumer price growth slowed to 0.1% in June after 0.3-0.4% in February-May. At the same time, most of the monthly inflation indicators that reflect the most stable price dynamics, according to the Bank of Russia, are close to 4% in annual terms.

The dynamics of consumer demand has a restraining effect on inflation. Temporary disinflationary factors also contributed to the slowdown in consumer prices, including the strengthening of the ruble since the beginning of this year and the decline in prices for fruits and vegetables amid an earlier arrival of a new crop. The dynamics of annual inflation was also affected by base effects.

In June-July, price expectations of enterprises continued to decline. Inflationary expectations of the population have not changed significantly since April, remaining at an elevated level. The slowdown in inflation creates conditions for reducing inflationary expectations in the future.

According to the forecast of the Bank of Russia, taking into account the ongoing monetary policy, annual inflation will return to 4% in early 2020.

Monetary conditions. Since the previous meeting of the Board of Directors of the Bank of Russia, monetary conditions have continued to soften. This was facilitated, among other things, by a change in the expectations of financial market participants regarding the trajectory of the key rate of the Bank of Russia, as well as a downward revision of the expected trajectories of interest rates in the US and the eurozone. OFZ yields and deposit rates continued to decline. The decisions taken by the Bank of Russia to reduce the key rate and the decline in OFZ yields that have occurred since the beginning of this year create conditions for lowering deposit and lending rates in the future.

In June, lending to the real sector continued to grow on the back of easing monetary conditions. The annual growth rate of loans to non-financial organizations peaked since 2015, while the growth rate of loans to individuals stabilized after a noticeable increase in previous months.

economic activity. Since the beginning of the year, the growth rates of the Russian economy have been below the expectations of the Bank of Russia. This is due to the weak dynamics of investment activity, as well as a significant decrease in annual export growth rates, including against the backdrop of weakening external demand. In the second quarter, there has been an acceleration of annual growth in industrial production, which may not be sustainable. The annual growth rate of the retail trade turnover continued to decline in the context of a reduction in real disposable incomes of the population. Unemployment is at historically low levels, but with a shrinking employment and labor force, this does not create excessive inflationary pressure.

In the first half of the year, the budget policy had an additional restraining effect on the dynamics of economic activity, which is partly due to the shift in the timing of the implementation of a number of national projects planned by the Government. From the second half of 2019, an increase in government spending, including investment, is expected.

inflation risks. In the short term, disinflationary risks prevail over proinflationary ones. This is primarily due to the weak dynamics of domestic and external demand.

At the same time, elevated and unanchored inflation expectations remain significant risks. The risks of a slowdown in global economic growth remain, including as a result of further tightening of international trade restrictions. Geopolitical factors may lead to increased volatility in global commodity and financial markets and affect exchange rate and inflation expectations. Supply-side factors in the oil market may increase the volatility of world oil prices. However, the revision of expected interest rate paths in the US and the euro area in June-July reduces the risks of significant capital outflows from emerging markets.

Fiscal policy can have a significant impact on inflation dynamics both in the short and medium term. The catch-up growth in budget spending in the second half of this year may have a pro-inflationary effect in late 2019 - early 2020. In the future, upward pressure on inflation may be exerted by possible decisions to use the liquid part of the National Wealth Fund above the threshold level of 7% of GDP.

The assessment by the Bank of Russia of the risks associated with the dynamics of wages, prices for certain food products, and possible changes in consumer behavior has not changed significantly. These risks remain moderate.

If the situation develops in line with the baseline forecast, the Bank of Russia admits the possibility of a further reduction in the key rate at one of the next meetings of the Board of Directors and a transition to a neutral monetary policy in the first half of 2020. The Bank of Russia will make decisions on the key rate taking into account the actual and expected inflation dynamics relative to the target, economic development over the forecast horizon, as well as assessing the risks from internal and external conditions and the reaction of financial markets to them.

The next meeting of the Board of Directors of the Bank of Russia, which will consider the issue of the key rate level, is scheduled for September 6, 2019. The publication time of the press release on the decision of the Board of Directors of the Bank of Russia and the medium-term forecast is 13:30 Moscow time.

The value of the refinancing rate for 2017 is set by the Central Bank of the Russian Federation, equating the value of the indicator to the key rate from January 1, 2016. This financial instrument plays an important role in shaping credit policy, inflation rates and the economic situation of the country as a whole. For accountants of enterprises, the current size of the refinancing rate in 2017 is important, first of all, for the independent calculation of penalties for late tax payments. Let's analyze how the size of the rate will change and whether it is necessary to wait for its increase.

Since last year, the main regulator of the country equated the value of the refinancing rate to the key rate, thereby tightening the requirements for paying sanctions on overdue budget obligations. The changes affected not only financial institutions, but also individuals, as well as legal entities. The amount of arrears in taxes, dues and contributions, as well as the amount of interest from the Federal Tax Service in case of untimely return of tax overpayments, directly depends on the amount of interest.

Important! According to the Information of the Central Bank dated February 19, 2016, the refinancing rate in Russia is the same in 2016-2017 and amounts to 10% until March 24, 2017.

Revision of the refinancing rate in 2017

According to existing forecasts, the refinancing rate for the 1st quarter of 2017 will remain unchanged. The indicator is reviewed every 1.5 months. At the moment, innovations are not provided, but perhaps 2-3 quarters will bring minor deviations.

The positive trend in the Russian economy, which emerged at the end of 2016, is in favor of the upcoming decline. This is the stabilization of the situation in the foreign exchange market; slowing down the fall in consumer prices and, as a result, inflation; moderate increase in oil prices. The expected reduction in the refinancing rate of the Central Bank of the Russian Federation in 2017 is expected to reach 9.5-9%, about which the Central Bank promptly informs interested parties on its official website.

The refinancing rate of the Bank of Russia 2017 is necessary for an accountant:

1. When determining the amount of penalties for overdue tax collections.
2. When determining the amount of material benefit on borrowed obligations of individuals.
3. When calculating compensation payments for the delay in the issuance of earnings to employees.
4. When calculating penalties for late refunds of overpaid taxes.
5. When calculating interest on overdue obligations.

For the purposes of taxation, business entities have been using the refinancing discount rate since 2016, which is also the key rate. When calculating the amount of penalties for different periods, one should take into account the indicator that was in effect for the reporting period for the fulfillment of obligations.

Refinancing rate in 2017 - table

Current rates for 2016-2017 collected in the table below. Separately, the period of interest is given.

Note! Self-calculation and payment of penalties will save the company from the collection of penalties by the tax authorities. Do not forget about the transfer of arrears before, and not after, the delivery of updated calculations and declarations.

Since January 2016, changes were made to the legislation of the Russian Federation, according to which the refinancing rate was equated to the key one. The latter is a variable indicator. It is set by the Bank of Russia, depending on economic indicators, inflation and other factors. It is one of the main tools for implementing the state's monetary policy and directly affects the cost of loans issued by commercial banks to businesses and the public, as well as interest on deposits.

The rate cut has a positive effect on the development of the economy. Cheap loans stimulate business development and consumer demand. But, as you know, development occurs in certain cycles. This means that the Central Bank has to change the rate from time to time, thereby carrying out regulation. Thus, during a crisis, an increase in this indicator reduces the demand for loans. A decrease in lending, although it slows down the growth of the economy, allows avoiding the processes of rising inflation and aggravating the crisis.

Knowing the exact value of the refinancing rate, the organization's accountant can:

check whether the regulatory authorities or contract partners have correctly calculated penalties;

independently calculate the penalty under the contract, payment of wages, taxes or other payments.

To find out how much interest you need to pay penalties, you must use the current value of the indicator at the time of the delay. If during this period the rate changed, the calculation for the period of validity of each of its sizes is carried out separately.

Contains the current value of the refinancing rate by year table, which is located on the website of the Central Bank. It indicates the size of the indicator, the period of validity and the document on the basis of which the changes took effect. It is recommended to use this table exclusively (which you also see on this page of our site), as it contains accurate and up-to-date data.

Rate value

Today, the regulator is gradually reducing the size of the rate. This is due to the stabilization of the economy and low inflation. The decline was observed in 2017, and for 2018 the forecast for improving the macro and microeconomic indicators of the Russian Federation remains. The last decrease in the indicator occurred on March 26 of this year. According to the head of the Central Bank of the Russian Federation, the regulator plans to continue a phased decline if the economy continues to give growth signals. The next change is possible as early as April 2018. To find out exactly what the key rate is, you should use up-to-date information from the Central Bank website.

Table with dynamics

The refinancing rate has changed constantly since its introduction in 1992. The change in the refinancing rate took place both up and down. During the crisis times of the 90s, the value of this indicator changed in less than a month, and the maximum size exceeded 200 points. The easiest way to evaluate the dynamics is on the graph of changes in the refinancing rate, and then the key one.
You can find out the refinancing rate on the date of the overdue debt in the table below.

On years

There is no specific period during which the refinancing interest rate is valid. It changes depending on the state of the financial sector and inflation expectations. Usually, the growth of the indicator becomes a consequence of the depreciation of the national currency, and vice versa. To make it easier for interested parties to determine the size of the refinancing rate in different periods of validity, a table is used.

The possibility of changing the indicator is considered at a meeting of the Board of Directors of the Central Bank of the Russian Federation. The regulator's management analyzes the external and internal environment, determines the indicators that may affect the economy of the Russian Federation, the risks that arise in this case. After that, a forecast is made for the near future and a decision is made whether to increase, reduce the key rate or leave this indicator unchanged.

Rate for today

The key rate is minimal. The last time it was lower was in March 2014 (then its size decreased to 7 points). At the moment, the forecasts of the Central Bank are optimistic. The regulator's leadership does not rule out another decline in the near future, but does not rule out a pause either. As long as favorable conditions persist, the current rate will most likely not be increased. The head of the Central Bank of the Russian Federation said that this is not yet planned, even if economic sanctions against Russia increase.

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