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Russia cuts refinancing rate

Russia cuts refinancing rate
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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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