In a single state interest policy has its own unique structure. The main instruments of interest policy of the central bank are the basic refinancing rate and the rate of transactions in the financial market. The refinancing rate during the evolution of the monetary system has become more performance indicators, giving the economy a landmark value of the national currency in the medium term. Although, of course, can not deny the fact that the refinancing rate has a significant influence on the level of interest in the economy.

Interest rates on central bank operations in the financial market (hereinafter - the rate of Operations) - operational tool of interest policy. For him the bank conducts transactions in the financial market, refinance and

Central Bank to conduct interest policy adheres to certain principles and approaches, focused on achieving specific goals, has a management strategy. Some of these approaches, we will try to highlight in this article, because it is the management of interest rates on bank operations cause a significant number of issues.

Operate in the financial market and setting interest rates for instruments of monetary policy, the bank will not only forms a corridor of fluctuations in interest rates in the economy, but also creates market expectations, which will have an impact on economic development in the short term through an effect on the motivation of banks to manage their resource flows, including the decision to build the resource base and the placement of credit and other resources. Because the bank is not only central authority monetary, but also an active participant in the financial market, whose work has a significant macroeconomic impact and interest rate policy is probably the most important instrument of policy. By adjusting the interest rates on instruments, the central bank seeks to address these very specific objectives of monetary policy:

- Formation of return (the level and fluctuations of the corridor) from foreign currency instruments for sustainable excess returns on money market instruments over the profitability of foreign exchange transactions in the medium term and over short time intervals, including taking into account the estimated exchange rate risks;

Conducting monetary policy, central bank of any state has certain leverage, that is, tools that allow it to achieve its targets. Interest rate policy is one of such tools inherent to virtually all monetary systems of the world. By adjusting the value of money through the interest rate, the central bank can affect key macroeconomic variables: the level of savings and investment in the economy, inflation, demand for financial assets, capital movements, etc.

Maintaining the interest rate at an optimum level to ensure a stable monetary system in the country, promotes economic development and the achievement of targets of monetary policy the central bank of, for example, the formation yield on bank operations, ensuring the involvement of public resources (primarily) and business entities and minimizes the risk of outflow of funds of clients;

- Formation of return on bank operations, ensuring the availability of bank credit for efficiently operating entities;

- Preventing the flow of substantial amounts of speculative capital and the formation of market returns, which can not be assured of the national economy and the banking system on a sustainable basis;

- Encouraging banks as quickly as possible to address the current liquidity;

- Formation of market expectations that the practice of establishing rates persist over the medium term.

It should be emphasized that the central bank carries out transactions in the financial market without a commercial approach and does not purport to limit income or loss (for example, operations receive funds in deposits). Operations of the bank can be both profitable and unprofitable character depending on the focus of its operations on the market. The question of profitability of operations is not put to the fore by any central bank. The main thing - it is the strategic objectives of monetary policy.

It should be noted the following important aspect of the current interest policy: in the vast majority of countries with developed economies in the interest rates on instruments of monetary policy the central bank formed around the refinancing rate.

The influence of interest rates the central bank to the financial market is manifested mainly in the process of bank operations to regulate the current liquidity of the banking system. Conducting operations in support of or withdrawal of liquidity, the bank conducts transactions with banks to set interest rates and affects the interest of the latter in the conduct of the operation, which in turn has an effect on the value of resources in the banking system and the activity of banks in conducting operations with financial assets, the benchmark interest rate fluctuations in the banking system, and hence the economy as a whole. Managing interest rates the bank pays close attention, and their structure is reviewed at least once a week. The main governing body, decides to modify the interest rate on certain operations, is the Committee on Operations of the central bank.

To analyze the nature of the impact of rates on transactions, primarily to again draw the line between the rates of support and withdrawal of liquidity, since they are multidirectional nature of the impact.

By adjusting the interest rates on its operations, the bank adheres to certain principles and approaches. Some of them are reflected in the main directions of monetary policy for the next year and guidelines for the current liquidity of the banking system. However, this list is more extensive. Among the basic principles in setting interest rates are the following.

1. Formation of a corridor for fluctuations in market interest rates. By adjusting the interest rates on operations, the bank has the goal of developing a certain level of rates on credit and deposit market in the banking system, which, in his view, an attractive currency to foreign currencies, will help build savings in the economy and ensure that the process of expanded reproduction. This goal is achieved, including through the establishment and the lower and upper limits on interest rate instruments to support or withdrawal of liquidity to the banking system, which largely forms the corridor fluctuations in interest rates in the banking system and contributes to the achievement of that goal.

2. Positivity rates for instruments of liquidity support in real terms. Protecting and ensuring the stability of the currency against foreign currencies - the strategic objective of monetary policy at the present stage, set by the Banking Code. A positive level of return on assets is a prerequisite for the implementation of the national currency of the main functions of money: store of value, means of exchange and measure of value.

Thus, we can say that the main principles guiding the central bank in setting interest rates for transactions is the desire not to supplant the market and ensure the redistribution of liquidity in financial markets on a competitive basis through market-based instruments with a minimum emission involving the bank.

Strict adherence to the principles announced in the monetary regulation and approaches to interest rate policy and the policy of supporting liquidity generates normal market expectations, the banking system to encourage efficient reallocation of funds and building the resource base without the involvement of central bank resources, but also enables to maintain stable operation of the currency and stock market while building the state reserves.

In conclusion, we note the factors that will determine the prospects in the regulation of interest rates the central bank.

1. Maintaining a uniform percentage within each group of instruments to support liquidity.

2. Reducing spread of yield. As rates of inflation and the emergence of resistant preconditions of macroeconomic stabilization, together with the general decrease in the nominal value of interest rates as the market and bank rates will fall and the yield spread between different financial instruments, including yield between the refinancing rate and the rate of the instrument , the yield on foreign currency assets, etc.