The Central Bank lowered the key rate

The Board of Directors of the Central Bank reduced the key rate to 7%. Entrepreneurs are preparing to reduce interest rates on loans.

The Central Bank cut its key rate to the lowest level since 2014. Market analysts expect that in the near future most major credit institutions will revise their rates for the provision of financial support measures. First of all, cheap borrowed money can affect the rates on deposits and loans, as well as mortgages.

As the Minister of economy of the Republic of Tatarstan Farid Abdulganiev noted, this is good news for all market participants, primarily for small and medium-sized businesses, and personally for everyone who is in search of additional opportunities to improve business, housing conditions, plans large purchases for which there are no free funds. Now the opportunity to receive financial support for the implementation of these goals will become more accessible, which in General will certainly have a positive impact on the economy.

It should be noted that credit institutions of Tatarstan have already begun to react to the changes. Thus, AK bars Bank stressed that they monitor the situation and will revise their rates on deposits and loans.