Financial news

Putin defined the marginal interest rate on credits

22 апреля 2009 г.

The Russian banks, receiving support from the Government should credit the enterprises and individuals in the amount of the governmental support according to the final interest rate not higher than 16 percent per year.

This was reported by the Prime Minister of the Russian Federation Vladimir Putin . He also announced that banks – the recipients of the governmental funds should report on the rewards of top- managers and the amounts of crediting.

The measures stated by Vladimir Putin will enable supervising the bank’s expenses which now can have a formal opportunity to misuse the state funds : for example, on investments in foreign currencies. In the conditions of rouble devaluation the purchase of dollars and euro meant considerable income for the financial organization.

The Russian administrations have allocated trillions of roubles as soft loans to banks  . These funds were invested in the financial organizations in order to unfreeze the credit market. Nevertheless the measures of the Government had a limited effect: many banks are still refusing to credit the clients or do it at the rates that significantly exceed the pre-crisis.
 

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