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. Last Updated: 07/27/2016

Refinancing Rate Cut

MOSCOW ( -- The Central Bank on Monday cut its three-month refinancing rate to 150 percent annual from 155 percent, the sixth reduction since April to stimulate declining output, a bank spokeswoman said. The new rate is effective from Monday.

The Central Bank has lowered its refinancing rate in stages from 210 percent, following a steady fall in monthly inflation to 5.1 percent in July. Bankers say previous rate cuts have had little impact on the economy since many Russian banks shy away from lending.