INFORMATION OF THE CENTRAL BANK OF RUSSIA

of August 7, 2009

The Department for External and Public Relations of the Bank of Russia reports that the Board of directors of the Bank of Russia made on August 7, 2009 the decision on decrease since August 10, 2009 of refunding rate of the Bank of Russia on 0,25 of percent point to % per annum 10,75, and also on decrease in interest rates for transactions of the Bank of Russia (see the table).

The made decision is caused by set of macroeconomic tendencies which allowed the Bank of Russia to continue decrease in interest rates for instruments of monetary policy.

Since April, 2009 the refunding rate and rates on transactions of the Bank of Russia were lowered by 2 percentage points that led to similar reduction of cost of short-term borrowings in the interbank market. However credit activity of banks continues to remain low, and interest rates for most of final borrowers - high that constrains recovery of economic growth. At the same time against the background of gradual weakening of recession in world economy to the middle of year signs of delay of recession in the real sector of the Russian economy appeared.

In seven months of the current year rate of inflation made % 8,1 that below the corresponding indicator of 2008 on 1,2 of percent point. Though in July the surplus of consumer prices was slightly higher, than in the corresponding period of previous year, influence of the factors connected with restrictions from the internal demand and reducing ruble money supply for the last 12 months on dynamics of inflation is essential. Therefore the Bank of Russia proceeds from preserving downward tendency of indicators of inflation during the next period. At the same time taking into account earlier carried out decrease in interest rates and, in view of rapprochement of indicators of inflation of the current and last years, the Bank of Russia made the decision on more careful decrease in refunding rate and interest rates for the transactions.

In sales terms the Bank of Russia of strategy of increase in flexibility of exchange rate formation mechanism preserving the high volatility of the currency rate of ruble including connected with change of world oil prices that strengthens role of currency risk management when implementing economic activity is possible.

Further steps of the Bank of Russia will be determined by decrease in interest rates by development of inflation tendencies, dynamics of indicators of credit activity of banking sector and condition of the financial markets.

Interest rates for transactions of the Bank of Russia, %

+------------------------------------------------------------------+
|                             |     Срок     |с 13.07.09|c 10.08.09|
|-----------------------------+--------------+----------+----------|
|Ломбардные аукционы          |14 дней       |   8,5    |   8,25   |
|(минимальные процентные      |--------------+----------+----------|
|ставки)                      |3 месяца      |   9,75   |    9,5   |
|                             |--------------+----------+----------|
|                             |6 месяцев     |  10,25   |    10    |
|                             |--------------+----------+----------|
|                             |12 месяцев    |  10,75   |   10,5   |
|-----------------------------+--------------+----------+----------|
|Прямое РЕПО на аукционной    |1 день        |    8     |   7,75   |
|основе (биржевое и           |--------------+----------+----------|
|внебиржевое) (минимальные    |7 дней        |   8,5    |   8,25   |
|процентные ставки)           |--------------+----------+----------|
|                             |90 дней       |   9,75   |    9,5   |
|                             |--------------+----------+----------|
|                             |6 месяцев     |  10,25   |    10    |
|                             |--------------+----------+----------|
|                             |12 месяцев    |  10,75   |   10,5   |
|-----------------------------+--------------+----------+----------|
|Кредиты овернайт             |Овернайт      |    11    |   10,75  |
|-----------------------------+--------------+----------+----------|
|Сделки "валютный своп"       |              |          |          |
|(рублевая часть)             |1 день        |    11    |   10,75  |
|-----------------------------+--------------+----------+----------|
|Ломбардные кредиты (по       |1 день        |    10    |   9,75   |
|фиксированной процентной     |--------------+----------+----------|
|ставке)                      |7 дней        |    10    |   9,75   |
|                             |--------------+----------+----------|
|                             |30 дней       |    10    |   9,75   |
|-----------------------------+--------------+----------+----------|
|Прямое РЕПО (по фиксированной|1 день        |    10    |   9,75   |
|ставке)                      |--------------+----------+----------|
|                             |7 дней        |    10    |   9,75   |
|                             |--------------+----------+----------|
|                             |12 месяцев    |  10,75   |   10,5   |
|-----------------------------+--------------+----------+----------|
|Кредиты, обеспеченные        |До 90 дней    |    10    |   9,75   |
|нерыночными активами или     |--------------+----------+----------|
|поручительствами (по         |От 91 до 180  |          |          |
|фиксированной процентной     |дней          |   10,5   |   10,25  |
|ставке)                      |--------------+----------+----------|
|                             |От 181 до 365 |          |          |
|                             |дней          |    11    |   10,75  |
|-----------------------------+--------------+----------+----------|
|Депозитные операции (по      |"Том-некст",  |          |          |
|фиксированной процентной     |"спот-некст", |          |          |
|ставке)                      |"до           |          |          |
|                             |востребования"|   5,75   |    5,5   |
|                             |--------------+----------+----------|
|                             |"одна неделя",|          |          |
|                             |"спот-неделя" |   6,25   |     6    |
|------------------------------------------------------------------|
|Справочно:                                                        |
|------------------------------------------------------------------|
|Ставка рефинансирования                     |    11    |   10,75  |
+------------------------------------------------------------------+

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