OREANDA-NEWS. On 7 August 2015, the Bank of Russia held an auction to provide 28-day Bank of Russia US dollar loans secured by the pledge of claim on US dollar loans to credit institutions.

The auction was attended by 2 credit institutions. Bids offering interest rates in the range of 2.2215% p.a. to 2.4417% p.a. were submitted to the auction. The auction demand was $443.0 million.

As a result of the auction the cut-off rate was set at 2.4415% p.a.

The interest rate on the loans provided is also 2.4415% p.a.

The volume of funds provided as a result of the auction is $443.0 million.

The auction was held on the following terms:

The maturity is 28 days (the settlement date — 12 August 2015, the maturity date — 9 September 2015). The type of the auction is a Dutch one. The maximum allotment amount is $0.5 billion.

The auction was held in compliance with Article 46 of Federal Law No. 86-FZ, dated 10 July 2002, ‘On the Central Bank of the Russian Federation (Bank of Russia)’.