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In the first three weeks of November, inflation in Russia ran at 0.6%
In the first three weeks of November, inflation in Russia ran at 0.6%, said Alexei Ulyukayev, deputy chairman of the Central Bank, at a press conference in Moscow, on Tuesday. He also pointed out that the real effective exchange rate of the rouble rose by 4.8%, as against the October rate. The Central Bank intends to reduce the refinancing interest rate even more gradually. In Alexei Ulyukayev's words, industrialised countries cut the refinancing interest rate by 0.25% at a time. He believes Russia must also adopt this practice and reduce the refinancing rate step by step. "To reduce the refinancing rate is our target," Ulyukayev stressed. At the same time, he pointed out that cuts in the refinancing rate were tied to the inflation dynamics. "Normally, the refinancing rate should be higher than the inflation rate by 2%," Ulyukayev noted. He pointed out that, should Russia meet the inflation target of 8.5% next year, it would reduce the refinancing rate accordingly. This rate is 13% now. The Central Bank intends to extend its mortgage list at the expense of Russian issuers of corporate papers with an investment rating. To quote Ulyukayev, "the mortgage list can be extended quite soon at the expense of Russian issuers of corporate papers with an investment rating." The mortgage list is a list of securities accepted by the Central Bank for pledge on loans. Ulyukayev also explained that the Central Bank proceeded from the premise that the mortgage list should be extended at the expense of both subfederal and corporate papers
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