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Russia Refinancing Rate Announcement

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On 13 September 2013 the Bank of Russia Board of Directors decided to implement a set of measures aimed at developing the system of monetary policy instruments as part of transition to inflation targeting. One of these measures includes introduction of Bank of Russia key rate by the unification of interest rates on one-week liquidity provision and absorption open market operations. The Bank of Russia declares the interest rate on Bank of Russia one-week liquidity provision and absorption open market operations (5.50 percentage per annum as at 13 September 2013) to be Bank of Russia key rate. The Bank of Russia will use the key rate as the main indicator of the monetary policy stance. By 1 January 2016, the Bank of Russia is going to make the refinancing rate equal to the key rate. Before that, the refinancing rate will play a minor role. This is the announcement ticker for WECO purposes only. The ticker is used for announcements of the Central Bank of Russia on change of the refinancing rate. The change usually takes effect from the following day, but in some circumstances the change of the refinancing rate can be announced with immediate effect. For historical information on refinancing rate of Russia please see {RREFRATE index HP <GO>}.