Banks Raise Over $1bn in Unsecured Central Bank Loans

Tuesday, 16 December, 2008

The Bank of Russia placed RUB 28.489bn (approx. USD 1.02bn) in unsecured loans with banks at an auction today, MICEX reported. The cutoff interest rate was set at 12.25 percent.

Loans worth a total of RUB 75bn (approx. USD 2.7bn) with a five-week maturity were offered at the auction today. The funds are to be repaid on January 21, 2009, with the minimum interest rate set at 12.25 percent, a maximum of 3 bids per credit institution, and a minimum of RUB 1m (approx. USD 35,945) per bid.

Source: http://www.rbcnews.com/