Rus News Journal

The Central Bank of the Russian Federation raises the rate of refinancing to 10,75 %

the Central Bank of the Russian Federation raises since June, 10th 2008. The rate of refinancing with 10,5 to 10,75 %, is informed by department external and public relations of Bank of Russia.
the Bank of Russia has carried out the increase of the rate of refinancing first almost for 10 years since February, 4th 2008. The rate has been raised from 10 % to 10,25 %, and since April, 29th 2008. It has been raised from 10,25 % to 10,5 % annual.
before, since July 1998., the Central Bank only lowered the refinancing rate, last fall has been spent on June, 19th 2007., when the rate has been lowered from 10,5 % to 10 %.
Also the Board of directors of Bank of Russia has made decision to raise on 0,25 percentage points the rate under pawn credits. Under the pawn credits given for term one calendar day - from 8,5 % to 8,75 % annual; for 7 calendar days - from 8,5 % to 8,75 % annual if last two pawn auctions are recognised by not taken place.
Besides, the Bank of Russia raises the rate under transactions a currency swap for a period of one day (a rouble part) from 8,5 % to 8,75 % annual.
also the Central Bank of the Russian Federation establishes since June, 10th 2008. New rates on operations direct REPO. So, on operations direct REPO under the fixed rate: for the term of 7 days - at a rate of 7,75 % annual; for the term of 1 day - at a rate of 8,75 % annual. Also the minimum interest rates on operations of granting of liquidity in the open market are changed: on operations direct REPO for the term of 1 day - 6,75 % annual; on operations direct REPO for the term of 7 days - 7,25 % annual; on operations of pawn crediting for term of 2 weeks - 7,75 % annual.
it is necessary to notice also that within the limits of struggle against inflation on May, 26th of this year the Central Bank has made the decision on increase since July, 1st of specifications of deductions in Fund of obligatory reservation (FOR) on 0,5 - 1,5 %. And it is possible to assume that within the next months these measures will be applied again. Toughening credit - the monetary policy promotes reduction of the inflationary pressure, however proceeding growth of budgetary expenses threatens to lower essentially efficiency of the undertaken Central Banks of measures, analysts mark.