of September 13, 2013
About interest rates for transactions of the Bank of Russia
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 September 13, 2013 the decision to lower loan interest rate "overnight" and on the credits provided with non-market assets or guarantees for the term of 1 day to the 6,50 level of annual interest rate and to raise maximum interest rate on deposit transactions on auction basis for the term of 1 week to the annual interest rate 5,50 level, having kept without change the level of rates on other transactions of the Bank of Russia and refunding rate. At the same time the system of tools of percentage policy is added with auction for loan granting, provided with non-market assets, on floating interest rate for the term of 3rd month. According to the solution of the Board of directors of the Bank of Russia the minimum spread to the level of single interest rate for transactions of provision and absorption of liquidity on auction basis for the term of 1 week (key interest rate) for credit auctions for the term of 3rd month is established in the amount of 0,25 of percent point (table "Interest Rates for Transactions of the Bank of Russia").
The specified decision is made on the basis of assessment of inflation risks and perspectives of economic growth and is neutral from the point of view of monetary policy orientation.
Growth rate of GDP in the second quarter significantly decreased 2013, first of all due to recession in the sector of the processing productions and construction. At the same time in July indicators of production activity and investment demand remained low. The consumer activity maintained by growth of real wage and retail crediting remains the main source of economic growth now. Unemployment remains at rather low level. By estimates of the Bank of Russia, risks of preserving low growth rates of the Russian economy in the medium term will be still connected with weak investment activity and slow recovery of the external demand.
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