28 Dec 2009 10:10

Central Bank cuts refinancing rate, key money market rates 0.25 p.p.

MOSCOW. Dec 28 (Interfax) - The Central Bank of Russia reduces the refinancing rate and key money market rates 0.25 p.p. effective December 28.

The refinancing rate will decline to 8.75% from 9% currently.

The minimum rate at one-day repo auctions has been cut to 6.0%.

Russia had 0.4% inflation in the period December 1-21, the Central Bank said in the commentary accompanying the rate cut announcement. Inflation for the preceding 12 months was 9% on December 21 compared with 13.5% on that day last year.

Interest rates on Central Bank operations (%)

	Term	From 25.11.09	From 28.12.09
Lombard auctions (minimum rate)	14 days	6.25	6
	3 months	7.75	7.5
	6 months	8.25	8
	12 months	8.75	8.5
Direct repo (minimum rate)	1 day	6.25	6
	7 days	6.25	6
	90 days	7.75	7.5
	6 months	8.25	8
	12 months	8.75	8.5
Overnight loan	overnight	9	8.75
Forex swaps (ruble portion)	1 day	9	8.75
Lombard loans (fixed rate)	1 day	8	7.75
	7 days	8	7.75
	30 days	8	7.75
Direct repo (fixed rate)	1 day	8	7.75
	7 days	8	7.75
	12 months	8.75	8.5
Loans secured with non-market assets or guarantees (fixed rate)	Up to 90 days	8	7.75
	From 91 to 180 days	8.5	8.25
	From 181 to 365 days	9	8.75
Deposit operations (fixed rate)	Tom next, spot-next, demand	3.75	3.5
	One-week, spot-week	4.25	4
Reference:
Refinancing rate	-	9	8.75