The Ministry of Economic Development has begun to develop a mechanism for hedging interest rate risks for companies in the context of an increase in the official interest rate of the Bank of Russia. This is reported by RBC citing two federal officials participating in the discussions.
Another interlocutor of the publication assures that now the project exists only at the level of an idea and is not being explicitly developed. Another source said that the initiative is the result of a response to requests from companies that have loans with variable rates.
It is currently known that the Ministry of Economic Development proposes to compensate companies for the difference between the real value of the key rate and the base level that will be determined by the State.
RBC sources admit that such a benefit will be financed by the profits of the banking sector, which in total are expected to amount to 3 trillion rubles by the end of 2023. However, they did not specify how such a withdrawal could be formalized. .
An anonymous federal official noted that for the new mechanism the Cabinet is discussing maximum rate levels of 7-9%. The interlocutors added that the debate continues on the issue of the circle of beneficiaries and the evaluation of the necessary financing.
On October 27, the Board of Directors of the Bank of Russia raised the key interest rate by two percentage points, to 15%. This happened for the fourth time in a row.
Author:
Anastasia Marina
Source: RB
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