Policy Rate (CBRT Rediscount Reference)
The key rate that steers monetary policy. This page shows the CBRT rediscount rate and its historical trend as a reference.
The full historical series extends back to March 1997 (2,003 records). Hover over the chart to see period values. Source: CBRT EVDS.
What Is the Policy Rate?
The policy rate is the key rate the central bank applies when lending to or borrowing from banks. When this rate rises, credit becomes more expensive, deposits become more attractive, and demand slows; when it falls, the opposite occurs. It is the central bank’s main tool in fighting inflation.
Its Relationship with the Rediscount Rate
The rediscount rate is the rate the CBRT applies when rediscounting commercial bills and is an indicator of its policy stance. This page presents the rediscount rate, continuously published on EVDS, as a policy-rate reference.