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The Central Bank refinancing rate was decreased to 12%
Practical Law UK Legal Update 0-386-1992 (Approx. 2 pages)
The Central Bank refinancing rate was decreased to 12%
by White & Case LLP
| Published on 28 May 2009 • Russian Federation |
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On 13 May 2009, the Central Bank decreased the refinancing rate again, by half a percentage point, to 12%.
On 13 May 2009 the Central Bank issued Directive No. 2230-U decreasing the refinancing rate. The Directive entered into force on 13 May 2009.
The Central Bank decreased the refinancing rate from 12.5% to 12% per annum. The new rate applies as of 14 May 2009.
The Central Bank sets the refinancing rate for its financing of commercial banks. The rate is also used for calculating interest on commercial loans (if the rate is not specified in an agreement), tax payments, and in other cases as provided by law.