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Bank of Russia marks up discount rate
RBC, 12.11.2008, Moscow 09:27:19.In a move to stem capital flight and check inflation, the Bank of Russia hiked the discount rate from 11 to 12 percent beginning November 12, 2008. Similarly, interest rates on operations by the Central Bank were also raised, with the rate on overnight loans increasing to 12 from 11 percent per annum. Rates on loans secured by promissory notes, rights under loans agreements or guarantees was upgraded from 8 to 8.5 percent for 90 calendar days, and from 9 to 9.25 percent for a period from 91 to 180 calendar days. Rates on loans secured by assets were marked up from 9 to 10 percent per annum. Rates on direct repo deals went up from 7 to 9 percent per annum for a period of one day, and from 7.5 to 9 percent for a period of seven days. Among other changes, the bank raised interest rates for cash auctions. Effective today, the annual rates on direct repo transactions for one day will be 7-8 percent, for seven days - 7.5-8.5 percent, and for 90 days - 8.5-9.5 percent.
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