Russian bank to reduce refinancing rate
Committee of Central bank directors decided to reduce the refinancing rate to 12% per annum. This was informed by department of Foreign and Public relationships of Russian bank.
As a reminder, the rate is 13% at present moment. The refinancing rate is an interest per annum, which Central Bank use while loaning to commercial banks on the basis of refinancing. With this rate Central Bank can influence on rates of interbank market, credit and deposit rates, which are presented to juridical and natural persons by credit agencies.
Maximum rate of refinancing was valid from October 15, 1993 to April 28, 1994, and amounted to 210%. Current rate is the lowest in Russian history.
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