When carrying out some business transactions, for example, the calculation of penalties for violation of the terms of fulfillment of obligations under contracts or payment of salaries to employees, the refinancing rate of the Central Bank of the Russian Federation is used. It represents the amount of payments made by commercial banks to the Bank of Russia on loans extended to cover a temporary shortage of financial resources.
Instructions
Step 1
The refinancing rate plays the role of a regulator of the monetary policy and the economy of the state. It is used for taxation purposes, determining the amount of interest and penalties for tax and contractual obligations, when calculating interest under loan agreements, in which the amount of payment for their provision is not established.
Step 2
The refinancing rate is a very dynamic value that reflects the general situation in the country's economy. In particular, from 1992 to 1997, it changed 38 times with fluctuations in the range from 20 to 200% per annum, and in the period from 2007 to 2012 - 25 times within the range of 8-13% per annum. Therefore, when using it in calculations, track the effective value according to official publication sources.
Step 3
To find out the refinancing rate, open the Bank of Russia website www.cbr.ru and find it in the column “Main indicators of the financial market”, where its current value is indicated. If you need to determine the discount rate for a different date, click on the "Refinancing rate" line, and you will see the start and end dates and rates, as well as links to the documents by which they were set. Changes in the refinancing rate are introduced by the instructions of the Bank of Russia, which are published on the official website and in the Bank of Russia Bulletin.
Step 4
Information on the value of money market rates is contained on the websites of news agencies, for example, RosBusinessConsulting www.rbc.ru, as well as on financial websites. Subscribe to the newsletter on any of them, and you will always be aware of changes in the refinancing rate and the latest developments in monetary policy in Russia.
Step 5
Information on various financial metrics can also be found in legal reference systems, both commercial and non-commercial online. If you are using the legal framework installed on your computer, remember to update it regularly to stay up-to-date.
