Interest Rates

Interest rates on Bank of Russia monetary policy instruments

Name of instrument	Term	Interest rate
Deposit Standing Facility	1 day	Bank of Russia key rate less 100 b.p.
Fine-tuning Auctions (Deposit auctions / Repo auctions)	from 1 to 6 days	Bank of Russia key rate
Main Auctions (Deposit auctions / Repo auctions)	1 week
Longer-term Auctions:
Repo Auctions	1 month	Bank of Russia key rate plus 10 b.p.
Loan Auctions	3 months	Bank of Russia key rate plus 25 b.p.
Repo Auctions	1 year	Bank of Russia key rate plus 25 b.p.
Lending (overnight loans, lombard loans, loans secured by non-marketable assets), Repo and FX Swap Standing Facilities	1 day	Bank of Russia key rate plus 100 b.p.
Longer-term Lending Standing Facilities (loans secured by non-marketable assets)	from 2 to 549 days	Bank of Russia key rate plus 175 b.p.

Interest rates on Bank of Russia special refinancing facilities

Name of facility	Interest rate
Loans secured by guarantees of JSC Russian Small and Medium Business Corporation	4.00% p.a.
Loans secured by credit claims of JSC SME Bank on credit institutions or microfinance organisations or leasing companies
Loans secured by credit claims on agreements backed by insurance contracts of JSC EXIAR	the lower of the two values: 6.50% p.a. or the Bank of Russia key rate
Loans secured by credit claims on leasing companies
Loans secured by credit claims on agreements for investment projects or by bonds placed for investment project funding and included in the Bank of Russia Lombard List	the lower of the two values: 9.00% p.a. or the Bank of Russia key rate less 1.00 pp.
Loans secured by mortgages issued under the Military Mortgage Programme	the Bank of Russia key rate
Unsecured loans to support lending to small and medium-sized enterprises and unsecured loans or loans secured by guarantees of JSC Russian Small and Medium Business Corporation to support lending for urgent needs and to maintain employment	2.25% p.a.