CB sees potential to cut refinancing rate
MOSCOW. Nov 10 (Interfax) - The Central Bank of Russia sees the potential for further refinancing rate cuts.
"The potential for lowering rates exists," Sergei Shvetsov, head of the CB's Financial Markets Operations Department, said at a conference.
This applies to one-day repo rates as well as the refinancing rate, Shvetsov said.
Lower rates would ease pressure on the ruble, caused to a considerable extent by carry trade operations, he said.
The one-day repo rate, currently 6.75%, is the indicator for the true refinancing rate, Shvetsov said. If you compare this rate with other countries, then Russia is somewhere in the middle, he said.