Refinancing rate may be cut if inflation is at 6.5%-7.5% in 2010

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Refinancing rate may be cut if inflation is at 6.5%-7.5% in 2010

MOSCOW. March 19 (Interfax) - The Central Bank of Russia could cut the refinancing rate in 2010 if inflation is held to the target for the year of 6.5%-7.5%, Deputy Prime Minister and Finance Minister Alexei Kudrin said at a banking conference on Friday.

"If at the end of the year the target of 6.5%-7.5% is achieved, that would be a basis for further small reductions [in the refinancing rate]," Kudrin said.

The Central Bank has cut the refinancing rate 13 times since the second half of 2009, to the current level of 8.5%.

The Central Bank will continue cutting the rate to the extent inflation decreases, he said.