Russia's Central Bank Again Cuts Key Rates

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Thursday, Russia's central bank cut its key interest rates to record lows, the eighth rate cut since April, to pull the economy out of its worst recession and to boost lending.

Bank Rossii lowered the refinancing rate to 9.5% from 10% and reduced the repurchase rate charged on central bank loans to 8.5% from 9%, effective from Friday. The last change in interest rates was on September 29, when the central bank made half a percentage point reduction.

The central bank has also reduced other major rates by 50 basis points. The rates for overnight loans and single day currency swap operations were cut to 9.5% and the rates for Lombard loans and direct repo operations were cut to 8.5%.

Thursday, Russia's central bank cut its key interest rates to record lows, the eighth rate cut since April, to pull the economy out of its worst recession and to boost lending. (Market News Provided by RTTNews)