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Crediting in Russia is over

The increase of the key rate will freeze all credits for a month.

17.Dec.14 6:17 PM
By Svetlana Siuhina


Crediting in Russia is over
Yesterday on the 16th of December representatives of the Central Bank have officially announced about the increase of the key interest rate up to 17%. It means that banks will have to renew their crediting offers. Such situation is likely to last at least for a month considering the fact that New Year holidays are about to start.

At the same time the banks are very likely to stop crediting their clients due to technical reasons for some time.

The experts are sure that such measures should be taken at least a month ago. Now the increase of the key rate will have no effect. After a huge panic that has taken place on the 15th of December (this day has been already called “black Monday”) the controller will carry out direct interventions. Specialists are sure that intervention should be up to 20 billion dollars in order to reach a fized ruble exchange level at 60 rubles per dollar.  

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