20 Oct 2009 14:53


MOSCOW. Oct 20 (Interfax) - The Central Bank's of Russia's board of directors did not vote on lowering the refinancing and other key rates for the money and credit market at a meeting held on Tuesday, several members of the board told journalists.

It was earlier reported that the financial market could have seed the refinancing rate decrease following Tuesday's meeting. The refinancing rate could have been lowered by 0.25-0.5 of a percentage point, analysts surveyed by Interfax said.

The CB's Deputy Chairman Alexei Ulyukayev said on Monday the bank could lower the refinancing and other rates. "The macroeconomic situation is such that we are not ruling out the possibility of lowering the refinancing rate, as well as several other rates," Ulyukayev said. He did not specify when this could happen.

The decrease in the CB's refinancing rate owing to the economic crisis commenced in April. Since this time, the rate has been lowered seven times, twice of which took place in September over two-week intervals. Since September 30, the rate was set at a minimum of 10%.