Interest Rates in 1998

% per annum

	Jan.	Feb.	Mar.	Apr.	May	June	July	Aug.	Sep.	Oct.	Nov.	Dec.
Interbank Rate1	24.1	30.3	25.9	29.5	47.6	56.1	58.8	45.3	139.7	84.9	36.7	27.8
GKO Yield of the Bank of Russia obligations2	29.4	26.4	22.2	25.0	43.9	51.3	58.0	84.2	—	—	—	—
OBRYield of the Bank of Russia obligations5	—	—	—	—	—	—	—	—	80.1	54.9	40.8	48.1
Deposit Rate3	11.6	12.2	11.2	11.0	12.9	14.0	15.1	17.5	23.8	27.3	22.3	25.7
Loan Rate4	29.8	30.4	38.3	38.8	40.4	48.0	44.9	48.6	46.8	49.0	44.8	41.7

	1998	Q1, 1998	Q2, 1998	Q3, 1998	Q4, 1998
Interbank Rate1	50.6	26.8	44.4	81.2	49.8
GKO Yield of the Bank of Russia obligations2	42.6	26.0	40.1	—	—
OBR Yield of the Bank of Russia obligations5	56.0	—	—	—	47.9
Deposit Rate3	17.1	11.7	12.6	18.8	25.1
Loan Rate4	41.8	32.8	42.4	46.8	45.2

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.