Central Bank to offer banks 6-mth, 5-wk unsecured loans on Dec 7-8
MOSCOW. Dec 4 (Interfax) - The Central Bank of Russia will hold auctions on December 7 and 8 to offer banks 5 billion rubles in six-month unsecured loans and 10 billion rubles in five-week unsecured loans, the bank said in a statement.
The minimum interest rate will be 11.5% annually for the six-month loans and 11.25% for the five-week loans.
The funds will be provided on December 9. The six-month loans must be returned on June 9, 2010 and the five-week loans on January 13, 2010.
Banks may make up to three bids. The minimum bid amount is 1 million rubles.