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. Last Updated: 07/27/2016

Central Bank in Record Repo Lending

The Central Bank injected a record 192 billion rubles ($7.4 billion) into the banking system through repo auctions Friday after the U.S. subprime mortgage crisis raised concerns about a global credit crunch.

The Central Bank lent 116 billion rubles at the rate of 6.05 percent Friday morning and 76.2 billion rubles at 6.11 percent later in the day through repo operations maturing Aug. 27, the bank's web site said.

Commercial banks have borrowed 757 billion rubles under repurchase agreements using securities as collateral since the Central Bank resumed the auctions on Aug. 15 following a 4 1/2 month hiatus. The bank Friday cut the discount from the value of the securities it accepts for repurchase agreements, the web site said.

The demand for money tends to increase in the last two weeks of August when tax payments, including the corporate profit tax and value-added tax, are due.