Average annual refinancing rate of the Central Bank of the Russian Federation – definition and meaning of "Average annual refinancing rate of the Central Bank of the Russian Federation"

The average annual refinancing rate of the Central Bank of the Russian Federation is determined as the quotient obtained by dividing the amount resulting from the sum of the refinancing rates in effect on the first day of each calendar month of the year during which the life insurance contract is in force, by the number of summed refinancing rate values of the Central Bank of the Russian Federation¹.

Federal Law No. 216-FZ dated July 24, 2007, "On Amending Part Two of the Tax Code of the Russian Federation and Certain Other Legislative Acts of the Russian Federation" dated July 24, 2007, as amended on November 23, 2015, Article 1, Subparagraph 2#2 // RSZ RF. 2007. No. 31. Item 4013. ↩