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The Board of Directors’ Decision on the Bank of Russia Interest Rates (Unofficial translation)

13 September 2012
Press release

The Bank of Russia External and Public Relations Department informs that on 13 September 2012 the Board of Directors of the Bank of Russia decided to raise the refinancing rate and the interest rates on the Bank of Russia operations by 0.25 percentage points effective from 14 September 2012 (table “Interest rates on the Bank of Russia operations”).

The decision was made in view of prices and inflation expectations growth, which increases the risks of exceeding the medium-term inflation targets of the Bank of Russia, and also taking into account the economic growth prospects.

In August and in the beginning of September inflation continued to increase and as of 10 of September the pace of inflation was estimated at 6.3% over a year ago, which exceeds the target range for 2012. Higher pace of inflation was mainly attributed to the accelerated growth of the food prices and the further increase in regulated prices and tariffs. The observed worsening of the food market conditions in Russia and globally combined with this year’s crop harvest estimates remains the important source of inflation risks, particularly taking into account the impact of the above mentioned factors on inflation expectations. During the past few months core inflation gradually accelerated and reached 5.5% in August, which indicates that influence of monetary factors on inflationary processes increases.

According to the Bank of Russia estimates, gross output remains close to its potential level. In July the growth of investment in production capacity continued to decelerate and retail sales growth rate decreased. However the growth of industrial production recovers and producer confidence indicators remain fairly strong. Labour market conditions together with credit growth, the pace of which remains high despite some signs of stabilization, support robust domestic demand.

The Bank of Russia will continue to monitor inflation risks, the global economic developments and the consequences of the monetary conditions tightening for the Russian economy. In making monetary policy decisions the Bank of Russia will rely on medium-term inflation goals and economic growth prospects, as well as the dynamics of inflation expectations.

The next meeting of the Board of Directors of the Bank of Russia on monetary policy issues is planned to be held in the first decade of October 2012.

Interest rates on the Bank of Russia operations(% p.a.)

Purpose Type of instrument Instrument Term Rate since 18.06.12 Rate since 14.09.12
Liquidity provision Standing facilities (fixed rates) Overnight loans 1 day 8.00 8.25
FX swaps (rouble rate) 1 day 6.50 6.75
Lombard loans, REPO 1 day, 1 week1 6.25 6.50
Lombard loans 30 days1 6.25 6.50
REPO 12 months1 7.75 8.00
Loans secured by gold Up to 90 days 6.75 7.00
From 91 to 180 days 7.25 7.50
From 181 to 365 days 7.75 8.00
Loans secured by non-marketable assets and guarantees Up to 90 days 7.00 7.25
From 91 to 180 days 7.50 7.75
From 181 to 365 days 8.00 8.25
Open market operations (minimum interest rates) REPO auctions 1 day 5.25 5.50
Lombard and REPO auctions 1 week 5.25 5.50
3 months 6.75 7.00
6 months1 7.25 7.50
12 months 7.75 8.00
Liquidity absorption Open market operations (maximum interest rates) Deposit auctions 1 week 4.75 5.00
1 month1 5.50 5.75
3 months1 6.50 6.75
Standing facilities (fixed rates) Deposit operations 1 day, 1 week1, 1 month2, call 4.00 4.25
For reference:
Refinancing rate 8.00 8.25

1 Operations have been suspended.
2 Interest rate has been set since 02.07.2012.


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