Russia's cbank draws strong demand at 3-mth funding auction
MOSCOW Oct 14 (Reuters) - The Russian central bank saw healthy demand for a new medium-term refinancing facility on Monday, injecting 500 billion roubles ($15.2 billion) into the banking system at a cut-off rate of 5.76 percent.
The central bank offered the funds at its auction of three-month loans secured against non-market assets and guarantees, with a minimum rate set as a 25 basis point spread over the bank's main policy rate.
Overall demand stood at 563 billion roubles, with 25 financial institutions taking part in the auction.
The new mechanism is aimed at improving the link between the short-term interest rates set by the central bank and longer-term borrowing rates in the wider economy.
The Mosprime three-month inter-bank money market rate stood at 6.77 percent on Monday.
The central bank placed 306.8 billion roubles out of 500 billion roubles on offer in late July at an auction of one-year funds at a cut-off rate of 5.75 percent.
(Reporting by Maya Dyakina, editing by Jason Bush)
- U.S. war veteran released by North Korea returns home |
- South Korea to make announcement on air zone; expansion is anticipated
- Ukraine opposition seeks million-strong rally in Kiev
- Pennsylvania newlyweds "just wanted to murder someone together:" police
- Obama defends interim Iran deal, seeks to assure Israel