The refinancing rate remained at the level of 8,25 percent

The Bank of Russia did not change the refinancing rate level. It should be reminded that after increase by 0,25 percentage points on September 14, 2012, it makes 8,25 percent per annum.

The specified decision is taken on the basis of inflationary risks estimation and prospects of economic growth, it is marked in the release of external and public relations department of the Central Bank RF. In September annual rate of consumer prices gain continued to increase, having made following the results of the month 6,6 percent that exceeds the top border of the inflation target range. Dynamics of the main macroeconomic indicators in August testified to some reduction in economic activity that was displayed both in slowdown of industrial production growth, and in decrease in growth of investment and consumer demand rates. At the same time indicators of employment and indicators of economy subjects’ tone as a whole did not show decline in August-September. Stabilisation signs of growth rates of banking credit activity are marked. At the same time, by estimations of the Bank of Russia, risks of essential economic growth slowdown connected with some toughening of monetary and credit conditions are insignificant now.

The following session of the Board of Directors of the Bank of Russia where monetary and credit policy issues to be considered, is supposed to be held in the first decade of November 2012.