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. Last Updated: 07/27/2016

Refinancing Rate To Drop by 2001

The refinancing rate, currently at 33 percent, may be cut to between 20 percent and 22 percent by the end of the year, Interfax quoted Central Bank chairman Viktor Gerashchenko as saying Tuesday.

Year-end consumer price inflation may be 16 percent instead of the 18 percent forecast in the 2000 budget, he said.

Last week, Gerashchenko said the Central Bank might reduce the refinancing rate to 18 percent by the end of 2000 if annual inflation was the budgeted 18 percent.

The Central Bank has cut the refinancing rate, chiefly an indicative yield cap for state ruble debt and a base for calculating fines and penalties, twice in March - to 38 percent from 45 percent as of March 7, and to 33 percent as of March 21.