June 22, 2020 / 9:55 AM / 11 days ago

Russian c.bank sells 5.1 bln rbls at rare one-year repo auction

MOSCOW, June 22 (Reuters) - The Russian central bank on Monday sold 5.1 billion roubles ($73.5 million) at a one-year repo auction, its first such auction for many years, at a cut off rate of 4.75%.

The bank on Friday said it would offer up to 400 billion roubles at the one-year auction, testing demand for long-term rouble liquidity after slashing its benchmark interest rate by 100 basis points to 4.5%.

Repo, or repurchase agreement, auctions are held to increase the capacity of credit institutions to manage their liquidity.

$1 = 69.4200 roubles Reporting by Anton Kolodyazhnyy and Maria Grabar; Writing by Alexander Marrow Editing by Katya Golubkova

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