The role of the key rate in the money and credit policy of the Central Bank of the Russian Federation

This article discusses in detail the role and functional significance of the key rate in the conduct of monetary policy of the Central Bank of the Russian Federation. The author gives the definition of this concept and details the distinctive features of the refinancing rate and the key interest rate of the Bank of Russia. The article analyzes the changes in the key rate of the Central Bank of the Russian Federation for 2014-2018 and the impact of such changes on the monetary policy of the country.