24 November 2009, Tuesday, 17:15

Central Bank of Russia lowers refinancing rate again

author: Ravil Ramazanov

The PR-department of the Central Bank of Russia reports the refinancing rate is lowered from 9,5 to 9% of interest per annum since November 25. It is for the first time in the history of the Central Bank of Russia when the refinancing rate is reduced to such a low level and this is already the ninth reduction of the refinancing rate in the course of 2009.

The new decision of the main bank of the country means that money in Russia will become slightly cheaper and commercial banks will pay less for the credit resources obtained. Correspondingly the cost of the credits, given by the banks both to natural and legal persons will come down too and one may expect in the nearest future the banks can reduce the yield of population’s deposits, which maximal value reaches 16,4% of interest per annum now.

themes: banks