On 4 June 2009 the Central Bank issued Directive No. 2247-U decreasing the refinancing rate. The Directive entered into force on 4 June 2009.

The Central Bank decreased the refinancing rate from 12% to 11.5% per annum. The new rate applies as of 5 June 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.

This is the third decrease of the refinancing rate during this year (it decreased from 13%, effective in April 2009, by 0.5% each time).