Central Bank to hold deposit auctions

A series of deposit auctions for banks of the Moscow region and other banks will be held in November-December 2002, the PR Department of the Central Bank of Russia reported. The term of the deposits offered by the Central Bank is 2 weeks.

The first 'American-type' auction will be held today. The date of returning the deposited funds and the interest is December 5, 2002. The minimum sum to be deposited is RUR10m ($314,268). Every bank can submit only one application specifying the same interest rates. The minimum starting interest rate for the Central Bank deposits has not been set.

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