The Central Bank of Russia reduced the refinancing rate to a record low level

From Monday, the Bank of Russia reduces the refinancing rate to the lowest mark in its entire history - 18%. The Board of Directors of the Central Bank made a decision on this on Friday. Previously, its level was 21%, and the previous record (20%) was set in 1991. Since then, only Sergey Dubinin, who headed the Central Bank in 1997, could beat him. However, then a smooth reduction in the rate cut off the financial crisis.

In developed countries, it is generally accepted that such actions of the Central Banks lead to a weakening of the national currency. And in the current conditions, perhaps this is how it would be necessary to regard the step of the Bank of Russia. Indeed, recently, the ruble has been strengthened both in real and nominal terms, Kommersant notes. The only problem is that the refinancing rate in the past few years very poorly reflects the real cost of money in Russia. As a result, she, unlike similar bets abroad, plays a very limited role in the market.

Now some commercial borrowers sometimes tie it to her. However, in fact, this is the upper boundary of the current bets on the financial market, a kind of penalty. It is issued to loans to banks for expanding funds. And the owners of deposits, the level of interest on which exceeds the refinancing rate, pay tax from this excess.

Meanwhile, the newspaper notes that the gap between the refinancing rate and market rates is steadily reduced. During the incomplete year of stay as chairman of the Bank of Russia, Sergei Ignatiev, has been reducing the refinancing rate for the third time. While in the previous one and a half years, she invariably stood 25%. And if its revision continues at the same pace, soon this bet will begin to play a appropriate role in the economy.