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set interest rates equalling the lower of the two values (6.50% p.a. or the Bank of Russia key rate) for the following instruments:

The Bank of Russia cuts the key rate by 25 bp to 7.25% p.a. 23 March 2018 Press release Share VKontakte WhatsApp Telegram

OF THE DEBT BURDEN IN RUSSIAN ECONOMY SECTORS 35 REFERENCES Aghion, P., & Bolton, P. (1992). An incomplete contracts approach to financial contracting. The review of

The Bank of Russia decides to cut the key rate by 25 bp to 7.50% p.a. 9 February 2018 Press release Share VKontakte

on loans extended to leasing companies have been reduced to 6.50% p.a. The interest rate on the Bank of Russia loans secured by

Federation and the Central Bank of the Russian Federation No. 127n/328?P, Dated 12 November 2008, ‘On the Procedure for Completing Operations on Federal

Documents section publishes the following materials: Bank of Russia Regulation No. 617?P, dated 21 November 2017, ‘On the Procedure for Credit Institutions to Account

Giannone D., Reichlin L. (2007). Bayesian VARs with Large Panels // C.E.P.R. Discussion Papers, 6326. 5. Batini N., Eyraud L., Forni L., Weber

and MIACR Interest rates on bank ruble operations (% p.a.) and Bank of Russia key rate (% p.a.) MONETARY 1. MACROECONOMIC СONDITIONS DECEMBER 2017 No.

characterised by a relatively low weighted average effective interest rate — 16.63% p.a. (in the third quarter of 2017) and an almost unchanged creditworthiness