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of February 3, 2012

About refunding rate and interest rates for transactions of the Bank of Russia

The Department for External and Public Relations of the Bank of Russia reports that the Board of directors of the Bank of Russia made on February 3, 2012 the decision to leave the level of refunding rate and interest rates for transactions of the Bank of Russia (table "Interest Rates for Transactions of the Bank of Russia") without change.

The specified decision is made on the basis of assessment of the inflation risks and risks for delay of economic growth including caused by preserving uncertainty of development of the external economic situation.

In January, 2012 there was considerable delay of inflation: by assessment, for January 30 annual rate of surplus of consumer prices decreased to % 4,1 (% 6,1 following the results of 2011) that was promoted by the planned transfer of increase in the majority of regulated prices and rates for the middle of 2012. The Bank of Russia considers temporality of action of this effect and in case of decision making in the field of monetary policy will continue to be guided by mid-term forecasts on inflation. At the same time the strengthening of ruble observed in January can render some disinflationary effect.

Dynamics of the main macroeconomic indicators in December specifies preserving stability of indicators of consumption against the background of moderate indicators of the sphere of production. Further reducing the level of unemployment, high growth rates of real incomes and the continued increase in activity of crediting of the population promoted increase in growth rates of retail turnover. In December increase in year-on-year increase rates of investments into fixed capital was observed. At the same time the index of industrial production by the corresponding month of previous year significantly decreased in comparison with November that was partly determined by decrease in separate components of index in view of action of weather factors. Low growth rates of industrial production and rather weak indicators of moods of economic agents remain for the last months.

Taking into account the current internal and external macroeconomic tendencies the level of rates of the money market developing in percentage corridor is considered by the Bank of Russia as accepted for the next months for ensuring balance between inflation risks and risks of delay of economic growth. The Bank of Russia will continue monitoring of effect of the toughening of monetary conditions connected with consequences of transition to liquidity deficit of banking sector against the background of decrease in credit activity in the foreign financial markets.

The next meeting of the Board of Directors of the Bank of Russia at which questions of monetary policy will be considered is supposed to be held in the first half of March, 2012.


Interest rates for transactions of the Bank of Russia (% per annum)

 Назначение    Вид инструмента          Инструмент      Срок            с
 Предостав- Операции постоянного   Кредиты "овернайт"   1 день         8,00
ление действия (по
ликвиднос- фиксированным Сделки "валютный 1 день 8,00
ти процентным ставкам) своп" (рублевая
                                   Ломбардные кредиты,  1, 7           6,25
прямое РЕПО дней*(1)
                                   Ломбардные кредиты   30 дней*(2)    6,25
                                   Прямое РЕПО          12             7,75
                                   Кредиты,             До 90 дней     6,75
обеспеченные золотом
От 91 до 180 7,25
                                   Кредиты,             До 90 дней     7,00
нерыночными активами От 91 до 180 7,50
или поручительствами дней*(4)
                                                        От 181 до      8,00
365 дней*(2)
            Операции на открытом   Аукционы прямого     1 день         5,25
рынке (минимальные РЕПО
процентные ставки)
Ломбардные аукционы, 7 дней 5,25
аукционы прямого
РЕПО 3 месяца 6,75
                                                        6              7,25
                                                        12             7,75
 Абсорбиро- Операции на открытом   Депозитные аукционы  1 месяц        5,50
вание рынке (максимальные
ликвиднос- процентные ставки) 3 месяца*(2) 6,50
Операции постоянного Депозитные операции 1, 7 дней, 4,00
действия(по до
фиксированным востребова-
процентным ставкам) ния
 Ставка рефинансирования                                               8,00


* (1) Carrying out transactions of direct repo for the term of 7 days on fixed rate is suspended.

* (2) Carrying out transactions is suspended.

* (3) the Interest rate is established from 01.11.2011.

* (4) Carrying out transactions is suspended from 10:02. 2011, it is renewed from 01.11.2011.


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