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Russia c.bank to sell COBR bonds only if banks see liquidity surplus

Russia c.bank to sell COBR bonds only if banks see liquidity surplus

MOSCOW: Russia’s central bank said on Tuesday it would issue rouble-denominated bonds only if the banking sector saw excessive amounts of free rouble liquidity.

In an emailed comment to Reuters, the central bank said its new bonds, known as COBRs, are designed to keep money market rates close to the central bank’s key rate, now at 9 percent. The central bank will take into account levels of liquidity surplus in the banking sector when deciding on a next COBR auction.