Archive for October 19th, 2009

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Time to change the financial forecasts again if you are a bank in Ukraine!

October 19, 2009

The National Bank of Ukraine has decided to reimpose rate limitations on foreign loans that were cancelled in October 2008 because of the global financial crisis, a source in the NBU told Interfax-Ukraine. “We set maximum rates on foreign loans. For loans taken for less than one year [the rate is] 9%, [loans taken] for one up to three years 10%, and for [loans taken] longer that three years 11%,” a source said. The board of directors of the central bank took a relevant decision at its sitting on Thursday. As reported, under the NBU resolution as of September 25, 2008 (No. 294) rate limitations on foreign loans taken for more than a year were canceled, while the maximum rate on foreign loans taken for less than a year was set at 11%. – Interfax Ukraine

Now that is going to screw up some financial forecasts for some banks who lent and still lend at between 20 – 27% interest!

Not that I particularly mind as they are all robbing b*st*rds when it comes to interest on loans in Ukraine!

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