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INFORMATION OF THE CENTRAL BANK OF RUSSIA

of April 29, 2010

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 April 29, 2010 the decision on decrease since April 30, 2010 of refunding rate and interest rates for separate transactions of the Bank of Russia on 0,25 of percent point (table "Interest Rates for Transactions of the Bank of Russia").

In April favorable dynamics of consumer price index (as of April 26 annual inflation constituted % 6,1 in comparison with % 6,5 in March, 2010) remains that creates conditions for decrease in interest rates of the Bank of Russia.

Dynamics of the main Russian macroeconomic indicators demonstrates gradual forming of tendency to recovery of economic growth. In March growth of real disposable incomes of the population continued, retail turnover increased. However in general process of economic revival remains unstable, need of support of dynamics of the internal demand remains. Growth of bank loan observed in March-April in economy is insignificant, despite certain decrease in rates on the credits to final borrowers.

In these conditions the made decision of the Bank of Russia is directed first of all to further stimulation of increase in credit activity of banking sector and, eventually, increase in availability of borrowed funds to real production sector.

The Bank of Russia does not exclude possibility of increase in annual consumer price index in the second half of the year 2010 though in certain measure it can be connected with "effect of base" of previous year. Therefore in case of continuation of decrease in annual inflation during the next period, its dynamics can demand more detailed analysis for adoption further of decisions on feasibility of interest rate realignment on transactions of the Bank of Russia. At the same time dynamics of indicators of production and credit activity and condition of the domestic financial market will also be considered.

The next meeting of the Board of Directors of the Bank of Russia at which the question of need of interest rate realignment will be considered is supposed to be held in May, 2010.

Interest rates for transactions of the Bank of Russia, %

+--------------------------------------------------------------------+
|                                   |     Срок     |    c   |    c   |
|                                   |              |29.03.10|30.04.10|
|-----------------------------------+--------------+--------+--------|
|Ломбардные аукционы (минимальные   |7 дней        |    -   |  5,25  |
|процентные ставки)                 |--------------+--------+--------|
|                                   |14 дней       |   5,5  |    -   |
|                                   |--------------+--------+--------|
|                                   |3 месяца      |    7   |  6,75  |
|                                   |--------------+--------+--------|
|                                   |6 месяцев     |   7,5  |  7,25  |
|                                   |--------------+--------+--------|
|                                   |12 месяцев    |    8   |  7,75  |
|-----------------------------------+--------------+--------+--------|
|Прямое РЕПО на аукционной основе   |1 день        |   5,5  |  5,25  |
|(биржевое и внебиржевое)           |--------------+--------+--------|
|(минимальные процентные ставки)    |7 дней        |   5,5  |  5,25  |
|                                   |--------------+--------+--------|
|                                   |90 дней       |    7   |  6,75  |
|                                   |--------------+--------+--------|
|                                   |6 месяцев     |   7,5  |  7,25  |
|                                   |--------------+--------+--------|
|                                   |12 месяцев    |    8   |  7,75  |
|-----------------------------------+--------------+--------+--------|
|Кредиты овернайт                   |Овернайт      |  8,25  |    8   |
|-----------------------------------+--------------+--------+--------|
|Сделки "валютный своп" (рублевая   |1 день        |  8,25  |    8   |
|часть)                             |              |        |        |
|-----------------------------------+--------------+--------+--------|
|Ломбардные кредиты (по             |1 день        |  7,25  |    7   |
|фиксированной процентной ставке)   |--------------+--------+--------|
|                                   |7 дней        |  7,25  |    7   |
|                                   |--------------+--------+--------|
|                                   |30 дней       |  7,25  |    7   |
|-----------------------------------+--------------+--------+--------|
|Прямое РЕПО (по фиксированной      |1 день        |  7,25  |    7   |
|ставке)                            |--------------+--------+--------|
|                                   |7 дней        |  7,25  |    7   |
|                                   |--------------+--------+--------|
|                                   |12 месяцев    |    8   |  7,75  |
|-----------------------------------+--------------+--------+--------|
|Кредиты, обеспеченные нерыночными  |До 90 дней    |  7,25  |    7   |
|активами или поручительствами (по  |--------------+--------+--------|
|фиксированной процентной ставке)   |От 91 до 180  |  7,75  |   7,5  |
|                                   |дней          |        |        |
|                                   |--------------+--------+--------|
|                                   |От 181 до 365 |  8,25  |    8   |
|                                   |дней          |        |        |
|-----------------------------------+--------------+--------+--------|
|Депозитные операции (по            |"Овернайт" "  |  2,75  |   2,5  |
|фиксированной процентной ставке)   |--------------+--------+--------|
|                                   |"Том-некст",  |    3   |  2,75  |
|                                   |"спот-некст", |        |        |
|                                   |"до           |        |        |
|                                   |востребования"|        |        |
|                                   |--------------+--------+--------|
|                                   |"Одна неделя",|   3,5  |  3,25  |
|                                   |"спот-неделя" |        |        |
|-----------------------------------+--------------------------------|
|Справочно:                         |                                |
|--------------------------------------------------------------------|
|Ставка рефинансирования                           |  8,25  |    8   |
+--------------------------------------------------------------------+

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