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Russian raises deposit rate, cuts forex swap rate
December 10, 2012 / 8:41 AM / 5 years ago

Russian raises deposit rate, cuts forex swap rate

MOSCOW, Dec 10 (Reuters) - Russia’s central bank increased its fixed overnight deposit rate by 25 basis points to 4.5 percent on Monday, surprising the market which had expected no change in rates.

The central bank also cut its interest rate for foreign currency swaps for roubles by 25 basis points to 6.5 percent.

The central bank kept the fixed one-day repo rate, a de facto ceiling for the money market, unchanged at 6.50 percent, with the auction repo rate unchanged at 5.5 percent.

The refinancing rate, the cost of overnight loans from the central bank, was held at 8.25 percent, (Reporting by Jason Bush; Editing by Lidia Kelly)

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