The decision, made by the CBR board of directors, will come into effect October 23, 2006.
The CBR cut the refinancing rate from 13% to 12% at the end of 2005, and to 11.5% in June 2006, to reduce borrowing costs and make loans more affordable.
The issue is crucial for the success of a major socially oriented program, outlined by President Vladimir Putin in September 2005 in a bid to improve the quality of life of Russians, a goal which has been given priority for the first time in post-Soviet Russia.
The program comprises four so-called national priority projects: Comfortable and Affordable Housing, Development of the Agricultural-Industrial Complex, Health, and Education.
CBR First Deputy Chairman Alexei Ulyukayev said earlier that the Central Bank could cut the refinancing rate considerably if inflation does not exceed 9% in Russia in 2006.
