Russia's Bank Rossii cut its benchmark interest rate the 13 time in a year in a step to stimulate lending and support the recovery. They cut the refinancing rate by 25 basis points to 8.0% effective tomorrow April 30 according to the statement on their website.
The also reduced the repurchase rate charged on central bank loans with one and seven-day maturity by as well 25 basis points to 7.0%. Adding to that they lowered the overnight deposit rate to 2.50% from 2.75% almost a month since they last cut rates on March 26.
The bank's statement said that the move is directed primarily to boost lending and make credit more accessible. It also read consumer prices dynamics remain favorable and the main indicators point to gradual trend towards the recovery of economic growth. They also pointed to prevailing risk over the outlook as they described the recovery as unstable citing that the necessity of supporting domestic demand remains.