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The Central Bank has reduced the refinancing rate to 9%
Practical Law UK Legal Update 7-501-0566 (Approx. 2 pages)
The Central Bank has reduced the refinancing rate to 9%
by White & Case LLP
| Published on 15 Dec 2009 • Russian Federation |
This article is part of the PLC Global Finance November 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 9.5% to 9% per annum.
On 24 November 2009 the Central Bank issued Directive No. 2336-U, decreasing the refinancing rate. The Directive entered into force on 24 November 2009.
The Central Bank has decreased the refinancing rate from 9.5% (which was effective as of 30 October 2009) to 9% per annum. The new rate applies as of 25 November 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.