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Russian Central Bank to give foreign currency loans to large banks

December 24, 2014, 11:08 UTC+3 MOSCOW
“This decision is targeted at extension of credit organizations’ abilities to manage their foreign currency liquidity," the Russian Central Bank said
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Russian Central Bank

Russian Central Bank

© Pavel Smertin/TASS

MOSCOW, December 24. /TASS/. The board of directors of the Russian Сentral Bank has decided to introduce foreign currency loans, secured against rights of claim for loans, for banks with charter capitals standing at $1.8 billion or above, the regulator said in a statement Wednesday.

The loan program will remain in force until January 1, 2018.

Loans will be provided for 28 or 365 days at auctions with the minimal interest rate standing at LIBOR plus 0.75 percentage points.

“This decision is targeted at extension of credit organizations’ abilities to manage their foreign currency liquidity and to refinance foreign loans of Russian exporters taken in foreign currencies which must be redeemed in the near future, in conditions of limited access to international capital markets,” the Central Bank said.

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