INFORMATION OF DEPARTMENT FOR EXTERNAL AND PUBLIC RELATIONS OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of September 13, 2013

About system of percentage instruments of monetary policy of the Bank of Russia

The Department for External and Public Relations of the Bank of Russia reports that on September 13, 2013 the Board of directors of the Bank of Russia within transition to the mode of targeting of inflation made the decision on realization of package of measures for enhancement of system of instruments of monetary policy. These measures include:

1) introduction of key interest rate of the Bank of Russia by unification of interest rates for transactions of provision and absorption of liquidity on auction basis for the term of 1 week;

2) forming of corridor of interest rates of the Bank of Russia and optimization of system of tools on regulation of liquidity of banking sector;

3) change of role of refunding rate in system of tools of the Bank of Russia.

The specified actions will allow to increase transparency of monetary policy and to improve her understanding subjects of economy that will promote strengthening of effectiveness of percentage and information channels of the transmission mechanism of monetary policy and achievement of ultimate goal on ensuring price stability.

1. Corridor of interest rates of the Bank of Russia

The solution of the Board of directors of the Bank of Russia on equalization since September 16, 2013 of maximum interest rate on deposit transactions on auction basis for the term of 1 week with the level of minimum interest rate on transactions of provision of liquidity on auction basis for the term of 1 week, and also about interest rate reduction on the credits "overnight" and on the credits provided with non-market assets or guarantees to the level of interest rate for transactions of provision of liquidity of permanent action for the term of 1 day (annual interest rate 6,50 for September 13, 2013) is the completing step in forming of corridor of interest rates of the Bank of Russia which basic element will be key interest rate of the Bank of Russia.

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