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Discount rate down to historic minimum
RBC, 24.11.2009, Moscow 12:52:27.The Bank of Russia will cut the discount rate by 0.5 percentage points to 9 percent, effective on Wednesday, the Central Bank announced in a statement today. The regulator's board of directors also approved a 0.5-percentage point decrease in the bank's interest rates on transactions. "The decisions were made in order to make the lending facilities more available to economic entities, as well as to promote demand. The decrease has become possible thanks to the positive dynamics in the inflation rate and the gradual decrease in inflation forecasts," the statement reads. Further cuts in the discount rate will depend on lending and industrial activity, as well as the situation on the domestic financial market.
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