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The Central Bank refinancing rate was decreased to 10.75%
Practical Law UK Legal Update 7-500-2316 (Approx. 2 pages)
The Central Bank refinancing rate was decreased to 10.75%
by White & Case LLP
| Published on 15 Sep 2009 • Russian Federation |
This article is part of the PLC Global Finance August e-mail update for the Russian Federation.
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The refinancing rate continues to slide, this time being decreased by 0.25% by the Central Bank.
On 7 August 2009, the Central Bank issued Directive No. 2270-U decreasing the refinancing rate. The Directive entered into force on 7 August 2009.
The refinancing rate has been changed several times this year. This time the Central Bank decreased the refinancing rate from 11% to 10.75% per annum. The new rate applies as of 10 August 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.