Bank of Russia’s board of the directors decided to reduce rates on some Bank’s operations. With effect from April, 24, 2009, refinance rate of Bank of Russia was fixed as 12.5%.
In addition, following rates on Bank of Russia’s operations are fixed: 12.5% annual rate for overnight credits; 11.5% annual rate for collateral loans with credit period from 1 to 30 calendar days. The minimum one-day repo rate will be cut to 9.5 percent from 10.0.
The announcement came a day after Prime Minister Vladimir Putin said slowing inflation could allow Russia to cut rates. Consumer prices rose 0.6 percent in the first 20 days of April, compared with 1.3 percent in the whole of March and 1.7 percent in February.
NEWSru.com
