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INFORMATION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of November 24, 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 November 24, 2009 the decision on decrease since November 25, 2009 of refunding rate and interest rates for separate transactions of the Bank of Russia on 0,5 of percent point (table "Interest Rates for Transactions of the Bank of Russia").

The specified decision was made for the purpose of further increase in availability of credit resources to economic actors and stimulation of final demand. The possibility of decrease in interest rates is caused by favorable tendency in dynamics of inflation and consecutive decrease in inflation expectations.

From 1 till November 16 of the current year the surplus of consumer prices in Russia constituted % 0,2. Annual inflation (surplus of consumer prices for the last 12 months) continued to decrease and constituted % 9,5 whereas the corresponding indicator was equal in previous year to % 14,2 for November 16, 2009. Taking into account the available forecasts the Bank of Russia after the made decision expects preserving the developed tendency of delay of annual inflation in the medium term.

Dynamics of indicators of the production sphere in October remained unstable. The index of industrial production in October increased by % 0,8 by September, but with exception of seasonality showed preserving output gap. Credit activity of the Russian banks still is at a low level, and the internal demand remains insufficient for ensuring strong rise of production that determined need of decrease in level of interest rates.

At the same time reducing difference between levels of internal and external interest rates will promote control of strengthening of ruble.

Further steps of the Bank of Russia will be determined by interest rate realignment by development of inflation tendencies, dynamics of indicators of production and credit activity, and also condition of the domestic financial market.

 
Процентные ставки по операциям Банка России, % 
+------------------------------------------------+-------------------------+-----------+-----------+
¦ ¦ Срок ¦с 30.10 09 ¦c 25.11.09 ¦
+------------------------------------------------+-------------------------+-----------+-----------+
¦Ломбардные аукционы (минимальные процентные ¦14 дней ¦ 6,75 ¦ 6,25 ¦
¦ставки) +-------------------------+-----------+-----------+
¦ ¦3 месяца ¦ 8,25 ¦ 7,75 ¦
¦ +-------------------------+-----------+-----------+
¦ ¦6 месяцев ¦ 8,75 ¦ 8,25 ¦
¦ +-------------------------+-----------+-----------+
¦ ¦12 месяцев ¦ 9,25 ¦ 8,75 ¦
+------------------------------------------------+-------------------------+-----------+-----------+
¦Прямое РЕПО на аукционной основе (биржевое и ¦1 день ¦ 6,75 ¦ 6,25 ¦
¦внебиржевое) (минимальные процентные ставки) +-------------------------+-----------+-----------+
¦ ¦7 дней ¦ 6,75 ¦ 6,25 ¦
¦ +-------------------------+-----------+-----------+
¦ ¦90 дней ¦ 8,25 ¦ 7,75 ¦
¦ +-------------------------+-----------+-----------+
¦ ¦6 месяцев ¦ 8,75 ¦ 8,25 ¦
¦ +-------------------------+-----------+-----------+
¦ ¦12 месяцев ¦ 9,25 ¦ 8,75 ¦
+------------------------------------------------+-------------------------+-----------+-----------+
¦Кредиты овернайт ¦Овернайт ¦ 9,5 ¦ 9 ¦
+------------------------------------------------+-------------------------+-----------+-----------+
¦Сделки "валютный своп" (рублевая часть) ¦1 день ¦ 9,5 ¦ 9 ¦
+------------------------------------------------+-------------------------+-----------+-----------+
¦Ломбардные кредиты (по фиксированной процентной ¦1 день ¦ 8,5 ¦ 8 ¦
¦ставке) +-------------------------+-----------+-----------+
¦ ¦7 дней ¦ 8,5 ¦ 8 ¦
¦ +-------------------------+-----------+-----------+
¦ ¦30 дней ¦ 8,5 ¦ 8 ¦
+------------------------------------------------+-------------------------+-----------+-----------+
¦Прямое РЕПО (по фиксированной ставке) ¦1 день ¦ 8,5 ¦ 8 ¦
¦ +-------------------------+-----------+-----------+
¦ ¦7 дней ¦ 8,5 ¦ 8 ¦
¦ +-------------------------+-----------+-----------+
¦ ¦12 месяцев ¦ 9,25 ¦ 8,75 ¦
+------------------------------------------------+-------------------------+-----------+-----------+
¦Кредиты, обеспеченные нерыночными активами или ¦До 90 дней ¦ 8,5 ¦ 8 ¦
¦поручительствами (по фиксированной процентной +-------------------------+-----------+-----------+
¦ставке) ¦От 91 до 180 дней ¦ 9 ¦ 8,5 ¦
¦ +-------------------------+-----------+-----------+
¦ ¦От 181 до 365 дней ¦ 9,5 ¦ 9 ¦
+------------------------------------------------+-------------------------+-----------+-----------+
¦ ¦
+------------------------------------------------+-------------------------+-----------+-----------+
¦Депозитные операции (по фиксированной процентной¦"Том-некст", ¦ 4,25 ¦ 3,75 ¦
¦ставке) ¦"спот-некст", "до ¦ ¦ ¦
¦ ¦востребования" ¦ ¦ ¦
¦ +------

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