Central Bank to Hold 4 Deposit Auctions in May

The Central Bank of Russia will hold four deposit auctions for Russian banks in May 2003, the PR Department of the Central Bank reported.

The auctions will be held in accordance with the American standard. The dates of the auctions are May 8, May 15, May 22 and May 29. The dates of the return of funds and payment of the interest are May 22, May 29, June 5 and June 11 respectively.

The minimum sum to be deposited is RUR10m ($321,543) for Moscow banks and RUR3m ($96,463) for regional banks that do not have general agreements with the Central Bank.

In accordance with a decision by the Central Bank's Board of Directors of February 14, 2003, the "excluding" annual interest rate should not exceed 8 percent during the auction.

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