"Converse Bank" Flexible rate /CBFR/
CBFR is calculated by the following formula:
CBFR = Variable component + Fixed component
The variable component - is set on the last working day of each month, taking as a basis the annual interest rates defined for deposits of the Bank’s "Progress" type deposited for a period of twelve months, per each currency, on the basis of which the average annual interest rates for the last three months are calculated.
The fixed component - is set, taking as a basis the changes of interest rates for term deposits and loans at the financial market of the Republic of Armenia and inside the Bank, the existing trends, the economic indices in the RA, based on the materials published by the Central Bank of the RA and the Statistical Service of the RA, in particular the developments in the tax and budget and monetary policy, as well as changes at international markets.
For current loan and/or other funding agreements calculated with CBFR, as well as for current deposit agreement the changed CBFR enters into force starting from the 1st day of the second month following the month of approval of the CBFR.
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