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INFORMATION OF THE CENTRAL BANK OF RUSSIA

of September 17, 2008

The Department for External and Public Relations of the Bank of Russia reports that on September 17, 2008 for the purpose of stabilization of situation in the domestic financial market and maintenance of liquidity of the Russian banking sector the Board of directors of the Bank of Russia made the decision on decrease since September 18, 2008 of standard rates of required reserves:

- according to obligations of credit institutions to physical persons in currency of the Russian Federation - with 5,5 to % 1,5;

- according to obligations to nonresident banks in currency of the Russian Federation and in foreign currency - with 8,5 to % 4,5;

- according to other obligations of credit institutions in currency of the Russian Federation and to obligations in foreign currency - with 6,0 to % 2,0.

At the same time step-by-step increase in each of the established standard rates of required reserves - since 1.02.2009 on 2,0 of % and since 1.03.2009 on % 2,0, respectively is provided.

Since October 1, 2008 the averaging coefficient for calculation of average size of required reserves increases from 0,55 to 0,6.

The decision on decrease in interest rates for liquidity provision transactions to credit institutions is also made.

According to the specified decision since September 18, 2008 are established:

- interest rate for the lombard credits for term of 1 calendar day, transactions of direct repo for fixed rate for the term of 1 day and to transactions "currency swap" for the term of 1 day (ruble part) in the amount of 8 annual interest rates;

- minimum interest rate on transactions of lombard crediting on auction basis for the term of 2 weeks in the amount of annual interest rate 7,5;

- loan interest rate of the Bank of Russia, provided according to the Provision of the Bank of Russia of November 12, 2007 N 312-P for a period of up to 30 calendar days inclusive, in the amount of annual interest rate 9,5;

- loan interest rate of the Bank of Russia, provided according to the Provision of the Bank of Russia of July 14, 2005 N 273-P for a period of up to 90 calendar days, in the amount of annual interest rate 7,5, for a period of 91 up to 180 calendar days - in the amount of annual interest rate 8,5.

Besides, the sizes of the correction coefficients of the Bank of Russia used for calculation of cost of providing ("non-market" assets) for the loans of the Bank of Russia granted according to the Provision of the Bank of Russia of 14.07.2005 N 273-P and the Provision of the Bank of Russia of 12.11.2007 N 312-P on 0,2 are increased.

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