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Refinancing rate decreased to 12.5%
Practical Law UK Legal Update 8-386-0696 (Approx. 2 pages)
Refinancing rate decreased to 12.5%
by White & Case LLP
| Published on 08 May 2009 • Russian Federation |
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The Central Bank has issued a directive decreasing the refinancing rate from 13% to 12.5%, with effect from 24 April 2009.
On 23 April 2009, the Central Bank issued Directive No. 2222-U decreasing the refinancing rate. The Directive entered into force on 23 April 2009.
The Central Bank decreased the refinancing rate from 13% per annum to 12.5% per annum. The new rate applies as of 24 April 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.