September 4, 2017 / 6:14 AM / a year ago

Russian launches new rouble liquidity tool for banks

MOSCOW, Sept 4 (Reuters) - Russia’s Central Bank said on Monday it had launched a new mechanism of providing banks with rouble liquidity, effective Sept. 1.

The regulator will provide liquidity in roubles for no more than 90 days, with an interest rate equal to its key rate plus 1.75 percentage points, it said in a statement.

“Banks that have encountered temporary liquidity difficulties may (have recourse) to this mechanism after all other liquidity sources are exhausted,” the regulator said. (Reporting by Andrey Ostroukh and Elena Fabrichnaya; Writing by Maria Kiselyova; editing by John Stonestreet)

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