As a lender of last resort, the CBRT can borrow from or lend to the markets. The CBRT sets the interest rates to influence markets.
Interest rate decisions are taken at Monetary Policy Committee meetings based on a pre-announced schedule.
These decisions, together with their rationale, are posted on the CBRT website the same day at 2.00 pm.
As of 1 June 2018, the one-week repo rate became the policy rate of the Central Bank. The Bank decided that the CBRT overnight borrowing and lending rates would be determined at 150 basis points below/above the one-week repo rate and that the CBRT borrowing rate for Late Liquidity Window operations would be 0%.
On 22 October 2020, the Bank decided to adjust the operational framework of the monetary policy and set the margin between the CBRT Late Liquidity Window lending rate and overnight lending rate at 300 basis points.