OREANDA-NEWS. December 29, 2010. Taking into consideration the forecasted inflation rate next year and to foster economic growth, the Central Bank's Board resolved to reduce refinancing rate from 14% to 12% APR starting from 1 January 2011.

The reduction of refinancing rate will cause the reduction of interest rates at financial market, i.e. reduction of prices for credits in economy.

In particular, reduction of CB refinancing rate is aimed to reduce crediting rate for credits extended for implementation of programs of modernization, technical and technological production re-equipment, construction financing in rural area, support of the small business and private entrepreneurship.