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Discount rate to be cut subject to lower inflation
RBC, 19.03.2010, Moscow 13:28:44.If Russia is able to bring inflation down to 6.5-7.5 percent by the end of the year, the Central Bank may be able to further cut the discount rate, Deputy Prime Minister and Finance Minister Alexei Kudrin told journalists today. He reiterated that the discount rate had already been reduced 13 times since the second half of 2009 - from 13 to 8.5 percent. "As long as inflation continues to decline, the discount rate will be cut further," Kudrin said at a conference in Moscow today. The Bank of Russia's latest discount rate reduction (by 0.25 percentage points) became effective on February 24, when the rate was brought down to 8.5 percent. The decision was passed "in order to promote lending activity in the banking sector."
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