Central Bank To Hold Currency Auction For Non-Residents

The Russian Central Bank will hold a currency auction for non-residents today. It is going to sell $50 million at this auction, the department of external and public relations of the Central Bank reported. Hard currency will be sold for assets from special C accounts of foreigners. It is worth mentioning that special C accounts were established after the collapse of the market of GKO and OFZ bonds in 1998. Rubles and securities of non-residents were accumulated on these accounts and these assets were not allowed to be taken out of Russia. When the economic situation started stabilizing, the Central Bank and the Finance Ministry made a decision to settle problems with assets frozen at C accounts of non-residents and started holding special currency auctions for non-residents. Currency purchased at these auctions can be exported without limitations. According to Deputy Chairman of the Central Bank Tatyana Paramonova, today's auctions will be the last in 2001. The Central Bank will continue currency auctions for non-residents next year.

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