OREANDA-NEWS. November 12, 2008. The board of the Bank of Russia has hiked, effective today, the refinancing rate and key interest rates on CBR's operations by 1%, CBR's PR Department said. The decision was adopted as part of measures intended to lower capital outflow from Russia and curb inflationary trends, the Bank of Russia pointed out.

CBR's refinancing rate was set at 12%. Meanwhile, the following interest rates were set for CBR's operations: on CBR's overnight operations – 12%; direct repo operations: overnight – 9%; CBR's deposit operations at a fixed rate according to CBR's Regulations #203-P dated November 5, 2003: on standard terms tom-next, spot-next, on demand at 5.75%, on standard terms one week, spot-week at 6.25%. The minimum interest rates on liquidity operations performed on the auction basis: on direct repo operations – overnight at 8%, on direct repo operations for seven days at 8.5%. In addition, the rate on overnight currency swap operations (the ruble-denominated part) has been hiked by 2% to 12%.