The Central Bank of the Russian Federation raised the key rate to 17%
The Board of Directors of the Bank of Russia decided to increase the key rate from 10.5% to 17% per annum from December 16, 2014. In addition, in order to strengthen the effectiveness of interest rate policy, loans secured by non-market assets or guarantees for a period of 2 to 549 days from December 16, 2014 will be provided at a floating interest rate set at the level of the key rate of the Bank of Russia, increased by 1.75 percent point.