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The Central Bank has reduced the refinancing rate to 10%
Practical Law UK Legal Update 2-500-4997 (Approx. 2 pages)
The Central Bank has reduced the refinancing rate to 10%
by White & Case LLP
| Published on 13 Sep 2013 • Russian Federation |
This article is part of the PLC Global Finance September e-mail update for the Russian Federation.
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The refinancing rate has been changed several times this year and, in particular, has been reduced twice in September 2009.
On 14 September 2009 and 29 September 2009 the Central Bank issued Directives Nos. 2287-U and 2299-U, decreasing the refinancing rate. The Directives entered into force on 14 September and 29 September 2009, respectively.
The refinancing rate has been changed several times this year and, in particular, twice in September 2009.
Most recently, the Central Bank decreased the refinancing rate from 10.5% (which was effective from 15 September 2009) to 10% per annum. The new rate applies as of 30 September 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 provided by law.