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Nov 21, 2007 14:55 EEST
November 21 (SeeNews) - Macedonia's central bank, NBRM, on Wednesday absorbed 4.8 billion denars ($114.4 million/77.3 million euro) in 28-day repo funds from the banking system.
The central bank bought the repo funds at an average interest rate of 4.72%, the NBRM said in a statement. The repo rate rose by 0.21 percentage points from the previous auction, held on November 14.
Commercial banks placed bids for 4.872 billion denars but the Finance Ministry approved bids only for the amount on offer.
The central bank auctions 28-day repo funds each week, usually on Wednesdays. It sometimes alternates the periods of the repo fund offers from 28 days to 27 or 29 days. The minimum bid for banks at the repo auctions is set at one million denars.
Since the beginning of the year the NBRM has absorbed over 105 billion denars in repo deals.
(1 euro = 62.1066 Macedonian denars)
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