Central Bank head comments on refinancing rate

The Central Bank does not plan to decrease its refinancing rate, SergeyIgnatyev, chairman of the Central Bank, told journalists in the House ofGovernment today. It is due to the fact that it has been already reducedrecently, Ignatyev specified. At the same time he pointed out that therefinancing rate would be decreasing, as the dynamics of the inflation ratewere forecasted to fall in the future. Moreover, he declared that inDecember 2002 the Central Bank would make currency interventions to preventruble's excessive devaluation. .

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