• ACI Russia

08/17/1998 10:43:44 Russia c.bank hikes overnight rate to 250 pct

MOSCOW, Aug 17 (Reuters) - Russia's central bank on Monday said it was raising its rate on overnight credits to commercial banks to 250 percent from 150 percent. The overnight rate is used by the central bank for credits to commercial banks to allow them to meet settlements at the end of the working day. The rise in the rate came after the government and central bank earlier announced a raft of new measures to try to solve a crisis on domestic financial markets. The measures included a wider band for the rouble, with the bottom level at 9.5 to the dollar versus a previous 7.13 and a planned restructuring of short-term government debt with maturities up to 1999. The government and central bank said the rouble rate would be set at the end of the day's trading rather than by the previous method of setting a mini-band before trading by the central bank. The authorities suspended trade in the GKO T-bill and OFZ bond market until the debt conversion has been worked out. ((Patrick Lannin, Moscow Newsroom, +7095 941-8520 moscow.newsroom@reuters.com))

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