Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

No Auction of Beavers

MOSCOW -- The Central Bank has canceled an auction for 6 billion rubles ($224 million) of OBR "beaver" bonds because bids were too low, the bank said in a Tuesday statement.

"The interest level in bids were too high and did not correspond to rates on other Bank of Russia instruments of monetary and credit policy nor the average level of rates on the interbank market," the statement said.

The planned auction of paper maturing in March and April would have been the third of the beaver bonds, which the Central Bank uses in its monetary policy to regulate monetary mass.

Earlier the bank had said it expected yields on the paper to compare to Central Bank yields on deposits for commercial banks. Three-month Central Bank deposits yielded 23.71 percent on Tuesday.