Importance Refinance rate existed in Russia until November 2013. For present-day Russia, principles of the key rate formation and management are very important. Objectives The study aims to identify the influence of the key rate on the Russian Federation economic stability indicators. Methods We analyze the period over 2014 and the first half of 2015, considering the behavior of the key rate and loan rates, interest rates on deposits, inflation, oil prices, foreign exchange rates, and foreign capital flight. Results The key rate is extremely important for the banking sector. Bank interest rates depend on a number of factors. A rise in the key rate entails a significant reduction in commercial banks’ liquidity and instantly increases bank interest rates. These changes have a negative impact on the macroeconomic stability of Russia. Conclusions and Relevance The key rate enables to manage inflation expectations, which are traditionally high in the Russian Federation; to refinance commercial banks at interest rates determined on the basis of an auction for prompt regulation purposes. The key rate will not be sufficient to balance the economy of the Russian Federation due to the fall in world oil prices. The low degree of diversification of the Russian economy makes it dependent on external factors impacting the ruble rate. This significantly limits the effect of the key rate on foreign capital flow and inflation caused by rising prices for imported goods and raw materials under the national currency weakening.
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