Company News

Russian to offer up to $13 bln at one-month repo auction on Monday

MOSCOW, Oct 9 (Reuters) - The Bank of Russia said on Friday it will offer up to 1 trillion roubles ($13 billion) at a one-month repo auction on Oct. 12, in an effort to provide credit institutions with greater flexibility in liquidity management during this period.

The central bank will also on Monday offer up to 400 billion roubles at a one-year repo auction, testing demand for long-term rouble liquidity, having cancelled similar auctions in July.

Repo, or repurchase agreement, auctions are held to increase the capacity of credit institutions to manage their liquidity. The previous limit was 100 billion roubles for one-month auctions.

The bank said the current level of liquidity in the Russian banking sector remains sufficient.

$1 = 77.0800 roubles Reporting by Alexander Marrow; editing by Maria Kiselyova