OREANDA-NEWS. November 11, 2008. The Board of CBA left the Refinancing Rate of CBA unchanged, at 7.75 percent, reported the press-centre of CBA.

0.7 percent inflation was recorded in October 2008 against past September, while  the 12-month inflation decreased by 2.7 pp to 8.6 percent.

The Board confirmed that developments in domestic and external environment during the third quarter have been consistent with the estimates presented during the previous meeting on interest rates. In October, external inflationary pressures continued loosening, incurring the impact of declining world demand, which was reflected in further decline of global prices of food and non-food products. As such, trends of easing external inflationary pressures, observed during the last couple of months, recently have started showing up, although not in full, in the domestic market as well.  

In consideration of high price volatility in commodity markets under global financial crisis, uncertainties of its duration and of the time in which the consequences would be overcome as well as the slow pace of price adjustments in the domestic market, the Board finds it reasonable to keep interest rates unchanged.