Rates for largest credits of backbone banks to Russian economy fall by 1 p.p. since start of March
MOSCOW. March 21 (Interfax) - The rates of the largest credits, issued by systemically important banks to the Russian economy, have fallen on average by 1 percentage point since the start of March, Central Bank First Deputy Governor Alexei Simanovsky said during Russian Business Week on Monday.
"This concerns systemically important banks and the largest credits, [the decline amounted to] 1 percentage point," Simanovsky said.
Some estimates put the decline at substantially more than 1 p.p.
"Declining interest rates point to an easing of the situation with lending terms. Again, it speaking from the standpoint of those who receive the loans, it would be desirable to receive the loans faster, at the lowest possible cost. But such are the economic conditions, the state of the economy and, accordingly, the state of affairs in this process," Simanovsky said.
The situation on the money market is also easing, particularly for financial intermediaries, although the Central bank is more interested in economic entities. "This year the Central Bank is forecasting that the situation connected with liquidity, with consumption of resources, provided by the Central Bank, will be a lot softer than last year," Simanovsky said.