Interest Rates in 1997

% per annum

	Jan.	Feb.	Mar.	Apr.	May	June	July	Aug.	Sep.	Oct.	Nov.	Dec.
Interbank Rate1	21.1	25.8	32.4	28.2	14.8	16.1	14.3	16.2	15.6	18.2	20.5	28.4
GKO Yield of the Bank of Russia obligations 2	29.1	25.4	29.3	31.3	23.2	18.7	17.2	17.6	18.3	18.3	20.7	32.0
Deposit Rate3	30.2	26.8	18.3	18.0	17.3	17.1	16.6	15.4	10.3	9.5	9.9	11.8
Loan Rate 4	44.2	46.1	41.6	32.5	34.0	28.6	28.8	28.3	24.8	24.0	23.0	28.6

	1997	Q1, 1997	Q2, 1997	Q3, 1997	Q4, 1997
Interbank Rate1	21.0	26.4	19.7	15.4	22.4
GKO Yield of the Bank of Russia obligations 2	23.4	27.9	24.4	17.7	23.7
Deposit Rate3	16.8	25.1	17.5	14.1	10.4
Loan Rate4	32.0	44.0	31.7	27.3	25.2

1 Interbank Rate — an average-weighted rate on overnight interbank credits in the Moscow market.

2 GKO Yield of the Bank of Russia obligations — an average-weighted GKO Yield of the Bank of Russia obligations by volume and terms of circulation with maturities of up to 90 days. Since April 1997, the Yield of the Bank of Russia obligationss of taxable GKO issues. In August 1998, the data for the period from August 1 to August 14, 1998.

3 Deposit Rate — an average-weighted rate on deposits of private individuals in commercial banks (including Sberbank) for a term of up to one year.

4 Loan Rate — an average-weighted rate on credits to enterprises and organisations (including Sberbank) for a term of up to one year.

5 OBR Yield of the Bank of Russia obligations — an average-weighted by volume and terms of circulation.

Annual and quarterly rates are calculated as an average of monthly data.

Updated May 7, 1999.