The Bank of Russia’s PR Department reports that the Central Bank of the Russian Federation held a series of deposit auctions, including those based on the Reuters Dealing system, MICEX e-trading system and buying bids; the money was deposited on October 19, 2007, the refund of the deposit and the payment of the interest are due November 16, 2007 (for deposits valid for four weeks) or January 18, 2008 (for deposits valid for three months).

The auction was held in compliance with the Federal Law 86 on the Central Bank of Russian Federation as well as with the Bank of Russia’s provisions.

Twenty-seven resident banks from seventeen Russian regions sent their bids altogether; their bids provided a range of interest rates from 4% to 14% a year. However, the auction was declared invalid since only one bank actually took part in it.