11 June 2004 22:46
Russian Central Bank to reduce refinance rate (part 2)
The Central Bank last changed the refinancing rate on
January 15, when the rate fell to 14% from 16%. Six months
before - on June 21, 2003 - it lowered it to 16% from 18%.
The rate was at 20% from January 1, 1991 to April 1992
and then was raised to a maximum of 210% in the period from
MOSCOW. June 11 (Interfax) - The Russian Central Bank is reducing its refinance rate from 14% to 13% from June 15,
the bank's PR department said.
October 1993 to April 1994. It began to go down from there and was 21% from October to the beginning of November
1997.
In 1998, the rate rose to 42% in the first half of February and then at the end of May it jumped from 50% to 150% in
one week, after which it was lowered to 60%.
Russia raised the rate again to 80% at the end of June 1998 before it announced default on August 17, but from July
24 it was lowered to 60% again.
The rate was kept unchanged until the summer of 1999 and in the next three and a half years the Central Bank lowered
it more than 10 times. [RU EUROPE ASIA EEU EMRG CEN BNK INT ECI] rd <>
[Interfax] |
RUSSIA IN FACTS
