On Interest Rates for 12-month Fixed-rate Repos

The Bank of Russia decided starting from 1 December 2014 to cease to set the interest rate on 12-month fixed-rate repos that were suspended.

The transition period is provided to allow financial market participants to accordingly adjust their methods for calculating cash flows linked to the above mentioned interest rate.

As a result starting from 1 December 2014 the Bank of Russia will set the interest rates only on current operations, which will help to avoid the distortion of the monetary policy signal of the Bank of Russia.

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