Russian banks cut loan interest rates to record low 8.9%

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Russian banks cut loan interest rates to record low 8.9% - Central Bank

MOSCOW. Nov 18 (Interfax) - Interest rates on ruble-denominated loans fell to a new all-time low in October, the Central Bank reported.

The weighted-average interest rate on ruble-denominated loans of up to one year to the non-financial sector declined to 8.9% in October, down from 9.7% in September, the Central Bank said, citing data that excludes Sberbank Russia .

The previous record low rate was 9.2% recorded in July 2007.

The weighted-average interest rate on ruble deposits from individuals for a term of up to one year (excluding demand deposits) declined to 7.1% in October, replacing the previous all-time low recorded in September, 7.2%.