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The Central Bank has reduced the refinancing rate to 9.5%
Practical Law UK Legal Update 4-500-7344 (Approx. 2 pages)
The Central Bank has reduced the refinancing rate to 9.5%
by White & Case LLP
| Published on 12 Nov 2009 • Russian Federation |
This article is part of the PLC Global Finance October e-mail update for the Russian Federation.
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The refinancing rate has been changed once again by the Central Bank, this time going down from 10% to 9.5% per annum.
On 29 October 2009 the Central Bank issued Directive No. 2313-U, decreasing the refinancing rate. The Directive entered into force on 29 October 2009.
The refinancing rate has been changed once again by the Central Bank, this time decreased from 10% (which was effective as of 30 September 2009) to 9.5% per annum. The new rate applies as of 30 October 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.