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MOSCOW () -- Prime Minister Viktor Chernomyrdin said the government was framing its policy so that bank interest rates could be down to between 110 and 120 percent a year by the end of 1994, PRIME news agency reported.
The Central Bank on Monday cut its three-month refinancing rate to 150 percent annual from 155 percent.
Central Bank Chairman Viktor Gerashchenko desperately wants to reduce the cost of borrowing for state industries.
Refinancing Rate Cut
04 August 1994
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