15 June 2004 16:03
CBR LOWERS REFINANCING RATE TO 13%
The refinancing rate was last lowered to 14% from 16% on January 15
and to 16% from 18% on June 21 2003.
The refinancing rate was 20% from January 1 1991 to April 10 1992
MOSCOW. June 15 (Interfax) - The Central Bank of Russia is lowering the refinancing rate to 13% from 14% on Tuesday,
the Bank reported.
The refinancing rate jumped to 42% in February 1998 and then soared
to 150% from 50% in one week at the end of May that year. It later fell
and then surged, hitting its highest level of 210% in the period from October 1993 to April 1994. The rate then began
to come down again and dropped to 21% from October - early November 1997.
Before Russia announced its default on August 17, the refinancing
rate was raised again to 80%, but it was lowered to 60% again on July
to 60%.
24.
The refinancing rate remain unchanged until the summer of 1999 and was then lowered more than 10 times in the next
three and a half years.
[Interfax] |
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