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The Central Bank refinancing rate was decreased to 11%
Practical Law UK Legal Update 5-422-1910 (Approx. 2 pages)
The Central Bank refinancing rate was decreased to 11%
by White & Case LLP
| Published on 11 Aug 2009 • Russian Federation |
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For now the fourth month in a row, the Central Bank has decreased the refinancing rate by 0.5%, from 11.5% to 11% per annum.
On 10 July 2009, the Central Bank issued Directive No. 2259-U decreasing the refinancing rate. The Directive entered into force on 10 July 2009.
The Central Bank decreased the refinancing rate from 11.5% to 11% per annum. The new rate applies as of 13 July 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 fourth decrease of the refinancing rate this year (it decreased from 13%, effective in April 2009, by 0.5% each time).