Interest Rates in 2003

% per annum

	Jan.	Feb.	Mar.	Apr.	May	June	July	Aug.	Sep.	Oct.	Nov.	Dec.
Interbank Rate1	7.3	2.5	2.8	2.0	1.3	1.4	4.1	3.9	9.9	5.2	3.4	1.4
GKO Yield of the Bank of Russia obligations2	10.3	6.9	5.9	5.1	5.1	3.8	3.9	3.8	5.3	4.8	4.6	—
OBR Yield of the Bank of Russia obligations3	—	—	—	—	—	—	—	—	—	—	—	—
Deposit Rate4	4.4	4.6	4.3	4.6	4.7	4.6	5.0	4.4	4.0	4.3	4.4	4.4
Deposit Rate4, except demand deposits	12.1	11.9	11.2	10.9	10.8	11.0	11.1	10.6	9.8	10.4	10.4	11.0
Loan Rate5	14.5	14.1	13.3	15.7	12.5	11.8	11.9	11.8	13.2	12.5	12.0	12.4

	2003	Q1, 2003	Q2, 2003	Q3, 2003	Q4, 2003
Interbank Rate1	3.8	4.2	1.6	6.0	3.3
GKO Yield of the Bank of Russia obligations2	5.4	7.7	4.7	4.3	4.7
OBR Yield of the Bank of Russia obligations3	—	—	—	—	—
Deposit Rate4	4.5	4.4	4.6	4.5	4.4
Deposit Rate4, except demand deposits	10.9	11.7	10.9	10.5	10.6
Loan Rate5	13.0	14.0	13.3	12.3	12.3

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.

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

4 Deposit Rate — an average-weighted rate on ruble deposits of private individuals in credit institutions (including Sberbank) for a term of up to one year.

5 Loan Rate — an average-weighted rate on legal entities’ ruble credits in credit institutions (including Sberbank) for a term of up to one year.

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

Updated March 22, 2004.