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Russia cuts refinancing rate


Russia cuts refinancing rate


Russia has cut its benchmark refinancing rate unexpectedly from 8.25 percent to eight percent.

The new rate comes into effect on December 26 said a statement on Russia’s central bank website.

The move comes into force as inflation in the country decelerates to the lowest year-end level since the Soviet Union collapsed two decades ago.

The overnight deposit rate, used to withdraw cash will increase a quarter point to four percent.

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