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. Last Updated: 07/27/2016

Credit Sale Scheduled

MOSCOW () -- The Central Bank announced Thursday that it will offer 160 billion rubles ($74.2 million) in three-month credits at its seventh credit auction on Aug. 31.

The minimum interest rate for bids will be set at an annualized 120 percent, according to a Central Bank statement. The auction program aims to break with Soviet-era credit policy by providing government loans to enterprises willing to pay market interest rates.