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Updated Saturday, December 26, 2009 3:14 pm TWN, AFP

Russian central bank snips rates to historic low

MOSCOW -- The Russian Central Bank on Friday announced a cut in its main interest rates to a new historic low of 8.75 percent as the bank seeks to stimulate a fragile economic recovery.

The 0.25 percentage-point cut, effective from Monday, marked the tenth Russian rate cut in a row since April. At the end of October, the rate had been reduced to below 10.0 percent for the first time ever.

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