Costin: reducing central bank interest rates will lead to cheaper credit

Reducing their rates by the Central Bank will help reduce the cost of credit. So said Andrei Kostin, head of the second-largest Russian bank VTB. On Thursday the Board of Directors of the Bank of Russia decided to reduce from April 24, the refinancing rate by 0.5 percentage points - to 12,5%. Interest rates on individual transactions, the Bank of Russia, as Sinise by 0,5 percentage points. "Clearly, the reduction in refinancing affect the cost of credit. Of course, a decline of 0.5% strength points will not be so noticeable, but the trend is important here. If the situation so it will develop further, then the loan rates will decline," - Kostin said at a news conference on Thursday. According to him, the cost of funds of the Central Bank is very important in circumstances where the biggest banks to a large extent fondiruyutsya at the expense of the regulator. According to Kostin, currently the third part of funds is a means of VTB Bank. He said that VTB attracts like unsecured loans and loans with collateral. And recently the bank tries to lower borrowing costs by resorting to a greater extent to credit provision, which currently substantially cheaper than unsecured. Portal Bank.ru Materials Rihanna.