EXIM Bank governor Ladislav Vaskovic has announced that the Slovak EXIM Bank has reduced its base rate for refinancing loans, to 2.7 per cent.
EXIM Bank has been lowering this base rate gradually since the beginning of last year, when it was at 5 per cent. "Saving costs for its own operation enables the bank to provide this cheap funding,” he added
EXIM Bank provides financial resources to commercial banks at this rate, which then lend these resources to exporters at interest rates with a margin from 0 to 3 per cent.
At the moment, commercial banks mostly charge at a margin lower than 2 per cent to their clients. However, EXIM bank also registers cases when commercial banks charge only 1 per cent to clients. This applies to loans with maturity up to one year.
EXIM Bank currently prepares opening of credit lines for export of goods and services to Ukraine and Russia. "The volume line could accelerate export to these countries," said Mr. Vaskovic...
