Refinancing Rate

 

On 23 December 2011 the Central Bank issued Directive No. 2758-U reducing the refinancing rate.

The Central Bank reduced the refinancing rate from 8.25% to 8% per annum. The new rate applies as of 26 December 2011. 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 instances provided for under the law.

The Directive entered into force on 23 December 2011.

For further information please contact Igor Ostapets or Irina Dmitrieva in the Moscow office of White & Case, tel + 7 495 787 3000 .

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