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MTS Gets Interest Rate Cut

Mobile TeleSystems said Tuesday that state-run Sberbank agreed to reduce interest rates on 53 billion rubles ($1.7 billion) of loans.

Sberbank cut the rate on a 47 billion ruble loan due 2013 to 9.25 percent from 10.65 percent, MTS said in an e-mailed statement.

The rate on 6 billion rubles due in August 2011 was lowered 1 percentage point to 8.75 percent.

(Bloomberg)

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