of March 26, 2010
The Department for External and Public Relations of the Bank of Russia reports that the Board of directors of the Bank of Russia made on March 26, 2010 the decision on decrease since March 29, 2010 of refunding rate and interest rates for separate transactions of the Bank of Russia on 0,25 of percent point (table "Interest Rates for Transactions of the Bank of Russia").
Conditions for further decrease in interest rates of the Bank of Russia are provided with the continued delay of growth rates of consumer prices (as of March 22 annual inflation constituted % 6,9 in comparison with % 7,2 in February, 2010) and absence in the current year premises for essential acceleration of inflation.
Despite the certain positive changes in dynamics of macroeconomic indicators reflecting recovery of economic activity, this process remains insufficiently steady. Decrease in interest rates for transactions of the Bank of Russia is directed to reduction of cost of borrowings, increase in availability of credit resources to subjects of economy and creation of conditions for full recovery of the internal demand.
Considering the remaining uncertainty in development of the situation in the foreign financial markets, the Bank of Russia allows probability of increase in volatility of the national currency rate. At the same time decrease in interest rates of the Bank of Russia, limiting incentives to inflow of the short-term capital, shall promote increase in balance of the domestic foreign exchange market.
At the same time the Bank of Russia made the decision on renewal of carrying out deposit transactions with credit institutions on the fixed conditions "overnight".
Further decisions on feasibility of interest rate realignment will be made taking into account development of inflation tendencies, dynamics of indicators of production and credit activity and condition of the domestic financial market.
The next meeting of the Board of Directors of the Bank of Russia at which the question of interest rates will be considered will take place in April, 2010.
Interest rates for transactions of the Bank of Russia, %
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