Bank of Russia reduces key rate within SME lending support programme

In order to provide additional aid to small and medium-sized enterprises (SME), the Bank of Russia has approved the decision that beginning on 27 April 2020 the interest rate on Bank of Russia loans granted to assist SME lending, including for urgent needs to support and maintain employment, will be decreased from 4.00% to 3.50% per annum.

This reduction is applicable to Bank of Russia loans, both newly and earlier extended within this programme (with the overall limit of 500 billion rubles).

At the same time, 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 reading as of 1 April 2020.

The reference to the Press Service is mandatory if you intend to use this material.