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Russia: Higher rates will have limited short−term effect
Wed, Nov 12 2008, 10:11 GMT
by Lars Rasmussen
Last night, the Russian central bank (CBR) decided to raise several key interest rates in a move directed towards reducing capital flight and lower inflation. Hence, the CBR raised the key tom-next rate to 5.75%, while the minimum rate for the all-important one-day repo operations was raised to 8% and the refinancing rate to 12% - all up by 100bp. Currency swap rates were increased by two percentage points to 12%. The increases take effect as of today.
Published on Wed, Nov 12 2008, 10:12 GMT
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