Russia could further lower key lending rate by yearend

© RIA Novosti . Alexey Druzhinin / Go to the photo bankCentral Bank Chairman Sergei Ignatyev
Central Bank Chairman Sergei Ignatyev - Sputnik International
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Russia's Central Bank may further lower its key lending rate before the end of 2009 from the current 9% per annum, Central Bank Chairman Sergei Ignatyev said on Tuesday.

Russia's Central Bank may further lower its key lending rate before the end of 2009 from the current 9% per annum, Central Bank Chairman Sergei Ignatyev said on Tuesday.

Russia's monetary regulator has cut the lending rate nine times since April. The current 9% rate is the lowest since Russia started its transition to a market economy in the early 1990s.

"I do not rule out this possibility," Ignatyev told reporters.

Analysts say the move is intended to bring down interest rates on loans granted to the real sector to help domestic business.

Interest rate cuts have been facilitated by slowing inflation in Russia amid declining consumer demand caused by the global economic crisis.

Russia's monetary regulator earlier said consumer prices in Russia would grow 9% or slightly more in 2009 compared with the previously projected figure of 11%.

MOSCOW, December 22 (RIA Novosti)

 

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