National Bank restricts interest rates on loans for legal entities

May 7, Minsk /BELTA/. The National Bank of Belarus has set limits on interest rates for loans to legal entities – residents of the republic in national currency. The relevant decision is enshrined in Resolution No. 260 of the chief regulator dated April 22, 2014, which was officially published today on the National Legal Internet Portal, BELTA reports.

According to the document, the maximum interest rate for lending to legal entities in national currency shall not exceed, on the day of concluding the loan agreement, the average interest rate on new loans in Belarusian rubles for the last reporting month (excluding loans granted on preferential terms by decisions of the President and the Government of Belarus).

As previously explained by the National Bank of Belarus, this document has been developed with the aim of further reducing interest rates on loans for legal entities by banks and increasing the availability of credit resources for the real sector of the economy.

The interest rate shall apply from the day following the day of publication of information about it on the official website of the National Bank of Belarus, the resolution specifies.

The document enters into force after its official publication and is valid until January 1, 2015. -0-