Bank of Russia announces auction results

29 October 2007 (08:38)

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 on October 25, 2007; the money was deposited on October 26, 2007, the refund of the deposit and the payment of the interest are due November 23, 2007 (for deposits valid for four weeks) or January 25, 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-nine resident banks from eighteen Russian regions sent their bids altogether; their bids provided a range of interest rates from 4% to 14% a year. However, the auction for three-month deposits was declared invalid since only one bank actually took part in it.

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