Source Pravda.Ru

Central Bank To Hold Deposit Auctions

On November 30 and December 10, 2001 the Central Bank of Russia will hold deposit auctions. The auctions will be held for resident banks of the Russian Federation. For the auctions to be held on November 30 the date of depositing funds by banks is December 3, 2001. A representative of the Central Bank reported that for the auctions to be held on December 10 the date of depositing funds in the Central Bank is December 11. The minimum sum accepted by the Central Bank as a deposit is 10 million rubles (about $334,000) for banks of the Moscow region and 3 million rubles (about $100,000) for banks from other regions. Applications for participation in the deposit auctions can be submitted to territorial offices of the Central Bank. Each bank can submit only one application with the same interest rate. The Central Bank has not set the maximum initial interest rate for the deposits.