The Bank of Russia has approved the decision that beginning on 27 July 2020 the interest rate on Bank of Russia loans granted to assist lending to small and medium-sized enterprises (SMEs) and lending for urgent needs to support and maintain employment will be decreased from 2.50% to 2.25% per annum.
This reduction is applicable to Bank of Russia loans, both newly and earlier extended within the above programmes (with the overall limit totalling 500 billion rubles).
Concurrently, the Bank of Russia will continue to implement the following approach: a further change in the interest rate on Bank of Russia loans obtained by a credit institution to support SME lending depends on a change in outstanding loans granted by this credit institution to SMEs, as compared to the relevant figure as of 1 April 2020.
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