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CBR Injected 182bn Without Security
Russia’s banks have raised 182.6 billion ruble with the Central Bank of Russia (CBR) without any pledge via the auction, RIA Novosti reported. The cut-off rate stood at 9.76 percent on year for three-month loans. CBR was ready to grant up to 200 billion ruble to the banks.
CBR set to granting unsecured loans to Russia’s banks past week in an effort to ensure additional liquidity in the environment of global financial collapse. Some 387 billion ruble was placed via the first auction, but the amount of the second auction didn’t exceed 33.1 billion ruble. Then, the money was given not for three months but for five weeks.
Russia’s monetary authorities will be able to lend money for six months without any security already in November of 2008, promised CBR First Deputy CEO Alexei Ulyukaev.
Before shifting to the auctions of this type, the authorities used deposit auctions to sustain the country’s banking system, injecting temporarily free money of the RF budget. CBR also holds its daily REPO auctions.
www.kommersant.com
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