Central Bank to hold deposit auction - 20 February, 2003

The Russian Central Bank is to hold a deposit auction among credit institutions of the Moscow region, which made a general agreement with the Central Bank. The term of attracting resources to the deposits is two weeks. The auction will be held according to the "American" mechanism. The date of the deposit and interest repayment is March 6, 2003. The minimal sum of a deposit is RUR10m (about $316,646). According to a decision of the Central Bank's Board of Directors, the cutoff interest rate should not exceed 8 percent annually.

© &to=http://www.rbc.com' target=_blank>RBC