Russian central bank introduces new instrument for cheaper funding

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The Bank of Russia today held rates stable, but introduced a new measure designed to improve the monetary policy transmission mechanism, which some analysts described as its 'big bazooka'.

The central bank said in a statement that from Monday, July 15, "the minimum interest rate on the auctions for provision of loans, secured by non-marketable assets and guarantees, for a 12-month term with floating interest rate at the level of 5.75%".

It added a new system of "monetary policy instruments, impl

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