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. Last Updated: 07/27/2016

Discount Rate Slashed

MOSCOW -- The Central Bank will cut its three-month discount rate to an annual 185 percent from 200 percent from June 2, its chairman, Viktor Gerashchenko, said Wednesday. Gerashchenko said economic conditions would allow further rate cuts and he predicted an end-year rate of 110 to 120 percent. Bankers say a new rate cut will have no immediate impact on the market since three-month ruble interbank rates are already at a low of 170 percent a year, below Central Bank rates.