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Oct 17, 2007 15:49 EEST
October 17 (SeeNews) - Macedonia's central bank, NBRM, on Wednesday absorbed 5.1 billion denars ($118.3 million/83.3 million euro) in 28-day repo funds from the banking system.
The central bank bought the repo funds at an average interest rate of 4.87%, the NBRM said in a statement. The repo rate rose by 0.07 percentage points from the previous auction held on October 10.
Commercial banks placed bids 5.123 billion denars, but the Finance ministry approved only the amount of 5.100 billion denars.
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 almost 93 billion denars via repo deals.
(1 euro = 61.7245 Macedonian denars)
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