CBR to auction up to 1.2 trln rubles in 3-month loans backed by nonmarket assets June 9, July 14
MOSCOW. May 30 (Interfax) - The Central Bank of Russia will hold auctions on June 9 and July 14 to offer lending institutions three-month loans secured by nonmarket assets at a floating interest rate with limits of 500 billion rubles and 700 billion rubles respectively, the CBR said in a statement.
The CBR held an auction to offer loans backed by nonmarket assets for a term of one year for the first time last year. The regulator holds auctions for three-month loans backed by nonmarket assets on a monthly basis.
At the previous auction on May 12, with a limit of 500 billion rubles, banks raised 485.8 billion rubles and the cut-off rate was 7.77% annually.
It was reported earlier that Sberbank , Russia's biggest lender, might raise up to 300 billion rubles at the June auction. Its board of directors has authorized such a transaction.
