Press-releases

Bank of Russia keeps the key rate at 21.00% p.a. (25.04.2025)

Fri, 25 Apr 2025 13:30:00 +0300

On 25 April 2025, the Bank of Russia Board of Directors decided to keep the key rate at 21.00% per annum. Current inflationary pressures, including underlying ones, continue to decline, although remaining high. Domestic demand growth is still significantly outstripping the capabilities to expand the supply of goods and services. Nevertheless, according to high-frequency data, the economy began to gradually return to a balanced growth path.

The Bank of Russia will maintain monetary conditions as tight as necessary to return inflation to the target in 2026. This means that monetary policy will remain tight for a long period. Further decisions on the key rate will be made depending on the speed and sustainability of the decline in inflation and inflation expectations. According to the baseline scenario, the average key rate is expected to be in the range of 19.5–21.5% per annum in 2025 and 13.0–14.0% per annum in 2026. According to the Bank of Russia’s forecast, given the monetary policy stance, annual inflation will decline to 7.0–8.0% in 2025, return to 4.0% in 2026 and stay at the target further on.

In 2025 Q1, the current seasonally adjusted price growth went down and averaged 8.3% in annualised terms after 12.9% in 2024 Q4. The similar indicator of core inflation averaged 8.9% after 13.4% in the previous quarter. The impact of tight monetary conditions on demand is becoming increasingly evident in decreasing inflationary pressures. However, it is premature to say that the current trends are sustainable. As of 21 April 2025, annual inflation was 10.3%.

Inflation expectations of households, businesses, and financial market participants have not changed significantly since March. In general, inflation expectations remain elevated. This prevents inflation from decreasing more rapidly.

According to the baseline scenario, the Bank of Russia expects that inflationary pressures will continue to decline in the coming months. This will be supported by a cooldown in lending and high saving activity.

The upward deviation of the Russian economy from a balanced growth path is still significant. High domestic demand is backed up by rising household incomes and budget expenditures. However, high-frequency data and surveys of businesses indicate that growth in economic activity slowed in 2025 Q1 compared to 2024 Q4.

The labour market remains tight so far. Unemployment is at its record lows. However, according to surveys, the share of enterprises experiencing labour shortages is gradually declining in many regions. In addition, labour demand in certain industries has been decreasing with a reallocation of employees across industries. Wage increases remain high and continue to outpace labour productivity growth. Nevertheless, according to surveys, companies are planning more moderate wage indexation in 2025 compared to 2023–2024.

Monetary conditions remain tight under the impact of the monetary policy pursued and autonomous factors. Since March, changes in nominal interest rates have been diverse in various segments of the financial market. Non-price bank lending conditions remain tight.

Despite some reduction in deposit rates, households continue to demonstrate high propensity to save. Nevertheless, growing incomes allow households to increase both savings and consumption. Lending activity remains subdued in both retail and corporate segments.

Over the medium-term horizon, the balance of inflation risks is still tilted to the upside. The key proinflationary risks are associated with a longer upward deviation of the Russian economy from a balanced growth path and high inflation expectations, as well as with the deterioration in the terms of external trade. A further decrease in the growth rate of the global economy and oil prices in case of escalating trade tensions may have proinflationary effects through the ruble exchange rate dynamics. Disinflationary risks involve a more significant slowdown in lending growth and domestic demand under the impact of tight monetary conditions. If geopolitical tensions ease, external conditions may improve, which might have a disinflationary effect.

The Bank of Russia takes into account the announced parameters of fiscal policy. Its normalisation in 2025 will have a disinflationary effect. Changes in the fiscal policy parameters may require an adjustment in the monetary policy pursued.

Following the Board of Directors’ key rate meeting on 25 April 2025, the Bank of Russia has updated its medium-term forecast.

On 12 May 2025, the Bank of Russia releases the Summary of the Key Rate Discussion and the Commentary on the Medium-term Forecast.

The Bank of Russia Board of Directors holds its next key rate meeting on 6 June 2025. The press release on the Bank of Russia Board decision is to be published at 13.30 Moscow time.

Statement by Bank of Russia Governor Elvira Nabiullina in follow-up to Board of Directors meeting on 25 April 2025

Results of monitoring of credit institutions’ maximum interest rates (23.04.2025)

Wed, 23 Apr 2025 18:15:00 +0300

The April 2025 results of the monitoring of the maximum interest rates on deposits¹ in Russian rubles of the top 10 credit institutions² attracting the largest amount of household deposits are as follows:

The first 10 days of April – 20.05%;

The second 10 days of April – 20.04%.

Data on changes in monitoring results are available on the Bank of Russia website.

Data on average maximum interest rates on deposits by maturity are given for reference.³

¹ The maximum interest rate at a credit institution is measured as follows:

– Maximum interest rates on deposits available to any client (including potential ones) without any limitations and preliminary conditions are taken into account. Deposits for special client categories (pensioners, children) and purposes (social, humanitarian, etc.) are excluded.

– Compound interest rates on deposits are out of scope.

– Interest rates that are effective provided that certain conditions are fulfilled (regular bank card turnover, a permanent minimum balance on a bank card, etc.) are not taken into account.

– Combined deposit products, i.e. deposits with additional conditions, are not considered. Such additional conditions for higher interest accrual may comprise, among other things, purchasing investment units in a certain amount, opening an investment account, concluding an agreement on investment or endowment life insurance, buying an extra service package, etc.

– Deposits with maturities divided into periods with varying interest rates are out of scope.

The average maximum interest rate is calculated as an arithmetic mean of the maximum interest rates of the top 10 credit institutions.

² Sberbank (1481) — www.sberbank.ru, VTB Bank (PJSC) (1000) — www.vtb.ru, Bank GPB (JSC) (354) — www.gazprombank.ru, AO ALFA-BANK (1326) — alfabank.ru, JSC Rosselkhozbank (3349) — www.rshb.ru, JSC Post Bank (650) — pochtabank.ru, CREDIT BANK OF MOSCOW (1978) — mkb.ru, TBank (2673) — www.tbank.ru, Promsvyazbank PJSC (3251) — psbank.ru, PJSC Sovcombank (963) — sovcombank.ru. The monitoring was conducted by the Department of Banking Regulation and Analytics of the Bank of Russia using the information provided by the said websites. The published values are indicative.

³ Average maximum interest rates on deposits: for up to 90 days — 18.58%; for 91 to 180 days — 19.22%; for 181 days to one year — 19.41%; and for over one year — 17.91%.

Facts of misuse of insider information in equity transactions during on-exchange trading established (23.04.2025)

Wed, 23 Apr 2025 17:30:00 +0300

Based on the findings of an investigation, the Bank of Russia has established facts of misuse of insider information by Kirill G. Sokolov, an insider of a public joint-stock company (hereinafter, the Issuer) whose shares are listed on Moscow Exchange. As of the moment of his illegal actions, K. G. Sokolov held the position of the executive director – chief of the investor relations centre.

K. G. Sokolov conducted 185 transactions to purchase and sell the Issuer’s ordinary and preferred shares, taking advantage of the insider information about future payments of dividends for 2022.

The amount of dividends, which the Issuer specified in the data about the decision made by the Supervisory Board regarding the distribution of the Issuer’s net profit to be submitted for approval to the annual general meeting of shareholders, significantly surpassed investors’ expectations. These data had a considerable impact on the price of the Issuer’s shares in on-exchange trading.

Having gained access to the insider information in connection with his job duties and being aware of the importance of these data, K. G. Sokolov notably increased his stake in the Issuer’s equity. After the official disclosure of the insider information, K. G. Sokolov performed a series of transactions to sell the earlier acquired shares thus locking in profits.

The Bank of Russia qualifies these actions as a breach of the ban on using insider information stipulated by Clause 1 of Part 1 of Article 6 of Federal Law No. 224-FZ.¹

The Bank of Russia has sent binding orders to K. G. Sokolov to cease and desist from similar violations in the future.

The Bank of Russia urges issuers and other legal entities listed in Part 1 of Article 3 of Federal Law No. 224-FZ to duly fulfil their obligations to take the legally required measures for preventing, detecting, and deterring the misuse of insider information.

¹ Federal Law No. 224-FZ, dated 27 July 2010, ‘On Countering the Misuse of Insider Information and Market Manipulation and Amending Certain Laws of the Russian Federation’.

In memory of heroic deeds during Great Patriotic War (18.04.2025)

Fri, 18 Apr 2025 15:11:51 +0300

On 21 April 2025, the Bank of Russia issues a 2-ruble silver commemorative coin ‘Leonid Govorov’ of the Heroes of the Great Patriotic War of 1941–1945 series (Catalogue No. 5110-0190).

Marshal of the Soviet Union Leonid Govorov was an outstanding military leader. He was Commander of the 5^th Army of the Soviet Western Front, which bore all the brunt of the defensive battles on the outskirts of Moscow close to Mozhaysk. During the siege of Leningrad, he was in charge of the defence of the city and supervised the planning of military operations to break through and completely lift the siege of Leningrad. As an outstanding commander of the Leningrad Front and of several successful operations against Nazi invaders, Leonid Govorov was awarded the title of Hero of the Soviet Union.

The 2-ruble silver coin (fine metal content 15.55 g, fineness 925/1,000) has a round shape and is 33.0 mm in diameter.

The obverse and the reverse of the coin have a relief rim around the circumference.

The obverse of the coin features a relief image of the National Coat of Arms of the Russian Federation and the inscriptions ‘РОССИЙСКАЯ ФЕДЕРАЦИЯ’ (RUSSIAN FEDERATION), ‘БАНК РОССИИ’ (BANK OF RUSSIA), the denomination of the coin ‘2 РУБЛЯ’ (2 RUBLES), the year of issue ‘2025 г.’ (2025), the chemical symbol of the metal according to Mendeleev’s Periodic Table of Elements, fineness, the Saint Petersburg Mint trademark, and fine metal content.

The reverse of the coin features relief images of the portrait of Leonid Govorov, Hero of the Soviet Union, and the Gold Star medal against the background of the silhouette of the Peter and Paul Cathedral lit by searchlights, laser treated for matte finishing, and the semicircular relief inscription ‘Л.А. ГОВОРОВ’ (LEONID GOVOROV) under the portrait.

The edge of the coin is corrugated.

The coin is minted in proof quality.

The mintage of the coin is 3.0 thousand pcs.

The new coin is legal tender of the Russian Federation and is mandatory for acceptance for all kinds of payments without any restrictions at its face value.

Banking licence of Bank PTB (LLC) revoked (15.04.2025)

Tue, 15 Apr 2025 06:39:00 +0300

By its Order No. OD-663, dated 15 April 2025, the Bank of Russia revoked the banking licence of Ufa-based PromTransBank (Limited liability company) or Bank PTB (LLC) (Registration No. 2638). The credit institution ranked 177^th by assets in the Russian banking system.¹

The Bank of Russia made this decision in accordance with Clauses 6 and 6.1 of Part 1 of Article 20 of the Federal Law ‘On Banks and Banking Activities’,² based on the facts that Bank PTB (LLC):

violated federal banking laws and Bank of Russia regulations, due to which the regulator repeatedly applied measures against it over the past 12 months, including restrictions on household deposit-taking;³ and
failed to comply with the laws on countering the legalisation (laundering) of criminally obtained incomes and the financing of terrorism.

The credit institution was persistently loss-making. Bank PTB (LLC) made large long-term investments, whose returns did not cover expenses on borrowed funds. This systematically reduced the capital amount during a lengthy period. The measures taken by the bank owner to restore its financial soundness were insufficient. The owner was unable to provide further financial support.

The bank provided services to the clients involved in large suspicious transactions aimed at siphoning money to the shadow economy. Furthermore, the credit institution committed numerous AML/CFT violations detected by the Bank of Russia both in the course of its off-site supervision and on-site inspections.

The Bank of Russia also cancelled Bank PTB (LLC)’s professional securities market participant licence.

By its Order No. OD-664, dated 15 April 2025, the Bank of Russia appointed State Corporation Deposit Insurance Agency (DIA.RF) as a provisional administration to manage the credit institution. The provisional administrator will exercise its functions until a receiver⁴ or a liquidator⁵ is appointed. In accordance with federal laws, the powers of the credit institution’s executive bodies were suspended.

Information for depositors: Bank PTB (LLC) is a participant in the deposit insurance system; therefore, its depositors will be compensated for their deposits in the amount of 100% of the balance of funds, but no more than a total of ₽1.4 million per depositor (including interest accrued), taking into account the conditions stipulated by Chapter 2.1 of the Federal Law ‘On the Insurance of Deposits with Russian Banks’.

Deposits are to be repaid by DIA.RF. Depositors may obtain detailed information regarding the repayment procedure 24/7 at DIA.RF’s hotline (8 800 200-08-05) and on its website (https://www.asv.org.ru/).

¹ According to the financial statements as of 1 April 2025.

² The Bank of Russia made this decision due to the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations, repeated violations within one year of the requirements stipulated by Articles 6, 7 (excluding Clause 3 of Article 7), 7.2, Clause 5 and Paragraph 1 of Clause 8 of Article 7.7 of the Federal Law ‘On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism’ as well as the requirements of Bank of Russia regulations released in accordance with this Federal Law, taking into account repeated application within one year of the measures stipulated by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.

³ A depositor is a citizen of the Russian Federation, a foreign citizen, a person without citizenship, including those engaged in entrepreneurial activities, lawyers, notaries, and other individuals who opened bank accounts (deposits) to carry out professional activities stipulated by the relevant federal law, or a legal entity specified in Article 5.1 of the Federal Law ‘On the Insurance of Deposits with Russian Banks’ which concluded a bank deposit/account agreement with a bank, or any of the above mentioned persons in whose favour the deposit was made and/or who is the holder of a savings certificate or the owner of a special account (special deposit) intended to form and use the assets of the fund of capital repairs of common property in an apartment building opened in accordance with the requirements of the Housing Code of the Russian Federation.

⁴ In accordance with Articles 127 and 189.68 of the Federal Law ‘On Insolvency (Bankruptcy)’.

⁵ In accordance with Article 23.1 of the Federal Law ‘On Banks and Banking Activities’.

Results of monitoring of credit institutions’ maximum interest rates (14.04.2025)

Mon, 14 Apr 2025 18:22:00 +0300

The first 10 days of April – 20.05%.

Data on changes in monitoring results are available on the Bank of Russia website.

Data on average maximum interest rates on deposits by maturity are given for reference.³

¹ The maximum interest rate at a credit institution is measured as follows:

– Сompound interest rates on deposits are out of scope;

– Interest rates that are effective provided that certain conditions are fulfilled (regular bank card turnover, a permanent minimum balance on a bank card, etc.) are not taken into account.

– Сombined deposit products, i.e. deposits with additional conditions, are not considered. Such additional conditions for higher interest accrual may comprise, among other things, purchasing investment units in a certain amount, opening an investment account, concluding an agreement on investment or endowment life insurance, buying an extra service package, etc.

– Deposits with maturities divided into periods with varying interest rates are out of scope.

The average maximum interest rate is calculated as an arithmetic mean of the maximum interest rates of the top 10 credit institutions.

³ Average maximum interest rates on deposits: for up to 90 days – 18.84%; for 91 to 180 days – 19.49%; for 181 days to one year – 19.37%; and for over one year – 17.81%.

Depository licence of professional securities market participant IK Title Broker LLC cancelled (11.04.2025)

Fri, 11 Apr 2025 18:20:00 +0300

On 10 April 2025, the Bank of Russia decided to cancel the depository licence of the professional securities market participant IK Title Broker LLC (TIN 9731068071; PSRN 1207700270150) (hereinafter, the Company).

The reason is the incompliance of the Company’s transactions in the securities market with special economic measures established by Executive Order of the Russian Federation President No. 138, dated 3 March 2023, ‘On Additional Temporary Economic Measures Related to Securities Trading’ pursuant to Federal Law No. 281-FZ, dated 30 December 2006, ‘On Special Economic Measures and Coercive Measures’.

The licence is to be null and void from 11 April 2025.

The Company must terminate its depository activity in the securities market except operations required for settling the Company’s obligations to clients arising from its depository activity in the securities market, and ensure that clients have their assets back before 11 August 2025.

Coins dedicated to Cities of Labour Valour (11.04.2025)

Fri, 11 Apr 2025 14:31:38 +0300

On 14 April 2025, the Bank of Russia issues 10-ruble base metal commemorative coins of the Cities of Labour Valour series:

— ‘Ulyanovsk’,

— ‘Ufa’,

— ‘Chelyabinsk’, and

— ‘Yaroslavl’.

The coins have a round shape and are 22.0 mm in diameter.

The obverse and the reverse of the coins have a relief rim around the circumference.

The edge of the coins is intermittently corrugated and has alternating sections with a different number of ridges thereon.

The obverse of the coins features the inscriptions around the circumference: ‘БАНК РОССИИ’ (BANK OF RUSSIA) at the top and ‘2025’ at the bottom. There are images of laurel and oak twigs on the left and right, respectively. The figure ‘10’ and the inscription ‘РУБЛЕЙ’ (RUBLES) below denoting the face value of the coins are in the centre. The figure ‘0’ features a security element inside in the form of the figure ‘10’ and the inscription ‘РУБ’ (RUB) visible at various viewing angles to the coin surface. The Moscow Mint trademark is at the bottom.

The reverse of:

— the ‘Ulyanovsk’ coin (Catalogue No. 5714-0102) features a relief image of the monument Soldier of the Labour Front and the inscriptions around the circumference: ‘УЛЬЯНОВСК’ (ULYANOVSK) at the top and ‘ГОРОДА ТРУДОВОЙ ДОБЛЕСТИ’ (CITIES OF LABOUR VALOUR) at the bottom along the ribbon;

— the ‘Ufa’ coin (Catalogue No. 5714-0103) features a relief image of a fragment of the monument to home front workers and the inscriptions around the circumference: ‘УФА’ (UFA) at the top and ‘ГОРОДА ТРУДОВОЙ ДОБЛЕСТИ’ (CITIES OF LABOUR VALOUR) at the bottom along the ribbon;

— the ‘Chelyabinsk’ coin (Catalogue No. 5714-0104) features a relief image of the stele City of Labour Valour supplemented with the images depicted on its lower part and the inscriptions around the circumference: ‘ЧЕЛЯБИНСК’ (CHELYABINSK) at the top and ‘ГОРОДА ТРУДОВОЙ ДОБЛЕСТИ’ (CITIES OF LABOUR VALOUR) at the bottom along the ribbon;

— the ‘Yaroslavl’ coin (Catalogue No. 5714-0105) features a relief image of Ya-12, a high-speed artillery tractor used during the Great Patriotic War, and the inscriptions around the circumference: ‘ЯРОСЛАВЛЬ’ (YAROSLAVL) at the top and ‘ГОРОДА ТРУДОВОЙ ДОБЛЕСТИ’ (CITIES OF LABOUR VALOUR) at the bottom along the ribbon.

The mintage of the coins is 1.0 million pcs of each design.

The new coins are legal tender of the Russian Federation and are mandatory for acceptance for all kinds of payments without any restrictions at their face value.

Bank of Russia to switch to one-week repo auctions (10.04.2025)

Thu, 10 Apr 2025 18:10:00 +0300

Starting from 15 April 2025, the Bank of Russia will hold one-week repo auctions instead of deposit auctions. This is due to the expected further decrease in the structural surplus and the transition of the banking sector to the liquidity deficit as well as to the existing structure of credit institutions’ demand in the money market.

The one-week repo auction fixed for 15 April 2025 will be held according to the schedule, with the first leg to be conducted on 16 April 2025 and the second one – on 23 April 2025. The maximum allotment amount at the auction will be set on 15 April 2025. The schedule and parameters of the auction will be published on the Bank of Russia website in the sections Schedule for Repo and Repo Auction Announcements, respectively.

If the dynamics of liquidity factors change significantly or banks’ demand for the Bank of Russia’s standing lending facilities increases, the policymaker may have not only to provide but also to absorb liquidity. If the regulator decides to hold a one-week deposit auction instead of a repo auction, it will publish the relevant information on its website no later than the business day preceding the auction. As before, the Bank of Russia will seek to hold either repo or deposit one-week auctions to either provide or adsorb liquidity.

The system of Bank of Russia’s monetary policy instruments will remain unchanged. Banks will still have access to all standing facilities, both providing and adsorbing liquidity. Also, at the end of required reserve averaging periods, the Bank of Russia will continue holding either deposit or repo fine-tuning auctions in the amounts required for banks to fulfil the mandatory reserve requirements.

The Bank of Russia will continue to monitor the liquidity of the Russian banking sector to take this information into account when adjusting the amounts of liquidity-providing and liquidity-absorbing operations. The Bank of Russia aims to maintain money market rates close to the key rate and ensure a sufficient level of activity in the interbank money market.

Coins to mark 80th Anniversary of Victory (08.04.2025)

Tue, 08 Apr 2025 17:31:21 +0300

On 9 April 2025, the Bank of Russia issues commemorative coins of the Anniversary of the Victory of the Soviet People in the Great Patriotic War of 1941–1945 series:

— a 3-ruble silver coin,

— a 100-ruble silver coin,

— a 50-ruble gold coin,

— a 10,000-ruble gold coin, and

— a 50-ruble base metal coin.

Description of the precious metal coins

The 3-ruble silver coin (fine metal content 31.1 g, fineness 925/1,000) and 100‑ruble silver coin (fine metal content 1,000.0 g, fineness 925/1,000) have a round shape and are 39.0 mm and 100.0 mm in diameter, respectively. The 50-ruble gold coin (fine metal content 7.78 g, fineness 999/1,000) and 10,000-ruble gold coin (fine metal content 1,000.0 g, fineness 999/1,000) have a round shape and are 22.6 mm and 100.0 mm in diameter, respectively.

The obverse and the reverse of the coins have a relief rim around the circumference.

The obverse of the coins features a relief image of the National Coat of Arms of the Russian Federation and the inscriptions ‘РОССИЙСКАЯ ФЕДЕРАЦИЯ’ (RUSSIAN FEDERATION) and ‘БАНК РОССИИ’ (BANK OF RUSSIA), the denomination of the coins ‘3 РУБЛЯ’ (3 RUBLES), ‘50 РУБЛЕЙ’ (50 RUBLES), ‘100 РУБЛЕЙ’ (100 RUBLES) or ‘10000 РУБЛЕЙ’ (10,000 RUBLES), the year of issue ‘2025 г.’ (2025), the chemical symbol of the metal according to Mendeleev’s Periodic Table of Elements, fineness, the Saint Petersburg Mint trademark, and fine metal content. The obverse of the 10,000-ruble gold coin features the order number of the coin with the symbol ‘№’ (No.) at the bottom of the coin near the figures denoting fine metal content.

The reverse of:

— the 3-ruble silver coin (Catalogue No. 5111-0516) features a relief image of the logo of the celebration of the 80^th Anniversary of the Victory in the Great Patriotic War of 1941–1945 against the background of an image of celebratory fireworks, laser-treated for matte finishing.

The edge of the coin is corrugated.

The coin is minted in proof quality.

The mintage of the coin is 3.0 thousand pcs;

— the 100-ruble silver coin (Catalogue No. 5117-0069) features a relief image of Soviet soldiers raising the Soviet flag over Reichstag against the panorama of destroyed Berlin, laser-treated for matte finishing; and the logo of the celebration of the 80^th Anniversary of the Victory in the Great Patriotic War of 1941–1945, laser-treated for matte finishing, at the upper left.

The edge of the coin is corrugated.

The coin is minted in proof-like quality.

The mintage of the coin is 0.15 thousand pcs;

— the 50-ruble gold coin (Catalogue No. 5216-0128) features a relief image of the logo of the celebration of the 80^th Anniversary of the Victory in the Great Patriotic War of 1941–1945 against the background of an image of celebratory fireworks, laser-treated for matte finishing.

The edge of the coin is corrugated.

The coin is minted in proof quality.

The mintage of the coin is 1.0 thousand pcs;

— the 10,000-ruble gold coin (Catalogue No. 5221-0037) features a relief image of Soviet soldiers taking down enemy flags against the background of an image of celebratory fireworks in the Red Square, laser-treated for matte finishing; and the logo of the celebration of the 80^th Anniversary of the Victory in the Great Patriotic War of 1941–1945, laser-treated for matte finishing, at the top.

The edge of the coin is corrugated.

The coin is minted in proof-like quality.

The mintage of the coin is 0.05 thousand pcs.

Description of the base metal coin

The coin has a round shape and is 28.0 mm in diameter. The coin is combined comprising a disc and an outer ring.

The obverse and the reverse of the coin have a relief rim around the circumference.

The edge of the coin is corrugated and has the inscriptions ‘50 РУБЛЕЙ’ (50 RUBLES) recurring twice and divided by asterisks.

The obverse of the coin features the inscriptions on the ring around the circumference ‘БАНК РОССИИ’ (BANK OF RUSSIA) at the top and ‘2025’ at the bottom. There are images of laurel and oak twigs on the left and right of the outer ring extending onto the disc. The figure ‘50’ and the inscription ‘РУБЛЕЙ’ (RUBLES) below denoting the face value of the coin are in the centre of the disc. The figure ‘0’ features a security element inside in the form of the figure ‘50’ and the inscription ‘РУБ’ (RUB) visible at various viewing angles to the coin surface. The Moscow Mint trademark is at the bottom of the disc.

The reverse of the coin (Catalogue No. 5716-0001) features a relief image of the logo of the celebration of the 80^th Anniversary of the Victory in the Great Patriotic War of 1941–1945 and a relief image of a laurel wreath on the ring around the circumference.

The mintage of the coin is 1.0 million pcs.

The new coins are legal tender of the Russian Federation and are mandatory for acceptance for all kinds of payments without any restrictions at their face value.

Maintenance on Bank of Russia website (04.04.2025)

Fri, 04 Apr 2025 18:30:00 +0300

On 5 April 2025, the Bank of Russia will carry out maintenance on its website, due to which there may be delays in its operation.

We apologise for any inconvenience.

Bank of Russia to hold fine-tuning repo auction on 7 April 2025 (03.04.2025)

Thu, 03 Apr 2025 18:10:00 +0300

To enhance liquidity management by credit institutions at the end of the required reserves averaging period and to maintain the conditions for overnight money market rates to form close to the key rate, the Bank of Russia will hold a fine-tuning repo auction on 7 April 2025, with the first leg to be conducted on the auction day and the second one – on 9 April 2025.

The maximum allotment amount at the auction will be set on 7 April 2025. The schedule and parameters of the auction will be published on the Bank of Russia website in the sections Schedule for Repo and Repo Auction Announcements, respectively.

The Bank of Russia will continue to monitor the Russian banking sector liquidity to take this information into account when adjusting the amounts of liquidity-providing and liquidity-absorbing operations. The Bank of Russia’s purpose is to maintain money market rates close to the key rate.

Results of monitoring of credit institutions’ maximum interest rates (02.04.2025)

Wed, 02 Apr 2025 10:31:00 +0300

The March 2025 results of the monitoring of the maximum interest rates on deposits¹ in Russian rubles of the top 10 credit institutions² attracting the largest amount of household deposits are as follows:

The first 10 days of March – 20.74%;

The second 10 days of March – 20.38%;

The third 10 days of March – 20.28%.

Data on changes in monitoring results are available on the Bank of Russia website.

Data on average maximum interest rates on deposits by maturity are given for reference.³

¹ The maximum interest rate at a credit institution is measured as follows:

– Compound interest rates on deposits are out of scope.

– Interest rates that are effective provided that certain conditions are fulfilled (regular bank card turnover, a permanent minimum balance on a bank card, etc.) are not taken into account.

– Deposits with maturities divided into periods with varying interest rates are out of scope.

The average maximum interest rate is calculated as an arithmetic mean of the maximum interest rates of the top 10 credit institutions.

³ Average maximum interest rates on deposits: for up to 90 days — 19.12%; for 91 to 180 days — 19.59%; for 181 days to one year — 19.54%; and for over one year — 17.68%.

Bank of Russia removes information on Microcredit Company UMNYE NALICHNYE from state register (01.04.2025)

Tue, 01 Apr 2025 17:32:00 +0300

The Bank of Russia removed information on Microcredit Company UMNYE NALICHNYE Limited Liability Company (hereinafter, MCC UMNYE NALICHNYE LLC, MCC) from the state register of microfinance organisations (Registration No. 2103045009694).

The Bank of Russia made this decision in accordance with Clause 1 of Part 1.1 of Article 7 and Clause 8 of Part 4 of Article 14 of Federal Law No. 151-FZ based on the fact that the MCC had violated federal laws, including in the sphere of consumer lending, as well as Bank of Russia regulations, due to which the regulator had repeatedly applied supervisory measures to the MCC over the past 12 months.

In 2024, the MCC violated financial consumer protection requirements, made insufficient provisions, and submitted inaccurate reporting data to the Bank of Russia multiple times.

Furthermore, the MCC distorted the actual values of the debt service-to-income (DSTI) ratio, calculating it based on unconfirmed data on its customers’ income. Understated DSTI ratios made it possible for the MCC to issue loans to heavily indebted individuals. The percentage of such loans issued by MCC UMNYE NALICHNYE LLC was among the highest ones in the microfinance market.

Bank of Russia reintroduces TCC limit on consumer loans and microloans on 1 April 2025 (28.03.2025)

Fri, 28 Mar 2025 17:33:00 +0300

The total cost of credit (TCC) under consumer loan (microloan) agreements concluded or amended on or after 1 April 2025 shall not exceed the average market value for the relevant categories of loans (microloans) by more than one third. The TCC limit will help control the growth of loan interest rates, thereby protecting borrowers’ interests.

In 2024 Q4, the Bank of Russia decided to temporarily cancel the TCC limit,¹ so that financial institutions could adapt to tighter monetary conditions. During the period of easing, market participants had time to adjust the cost of their credit products. Now that market conditions have generally stabilised and the cost of funding has begun to decline, financial institutions will be able to comply with the TCC limit as usual.

¹ From 10 October 2024 through 31 March 2025, the Bank of Russia suspended the TCC limit on consumer mortgage loans issued by credit institutions to buy (build) a house or a land plot.

From 1 January through 31 March 2025, the regulator suspended the TCC limit for credit institutions – on the remaining categories of consumer loans (microloans); for consumer credit cooperatives, agricultural consumer credit cooperative, and pawnshops – on all categories of microloans; and for microfinance organisations – on certain categories of microloans.

Results of monitoring of credit institutions’ maximum interest rates (27.03.2025)

Thu, 27 Mar 2025 17:02:04 +0300

The first 10 days of March – 20.74%;

The second 10 days of March – 20.38%.

Data on changes in monitoring results are available on the Bank of Russia website.

Data on average maximum interest rates on deposits by maturity are given for reference.³

¹ The maximum interest rate at a credit institution is measured as follows:

– Compound interest rates on deposits are out of scope.

– Interest rates that are effective provided that certain conditions are fulfilled (regular bank card turnover, a permanent minimum balance on a bank card, etc.) are not taken into account.

– Deposits with maturities divided into periods with varying interest rates are out of scope.

The average maximum interest rate is calculated as an arithmetic mean of the maximum interest rates of the top 10 credit institutions.

³ Average maximum interest rates on deposits: for up to 90 days — 19.22%; for 91 to 180 days — 19.66%; for 181 days to one year — 19.64%; and for over one year — 17.90%.