Interest Rates in 1999

% per annum

	Jan.	Feb.	Mar.	Apr.	May	June	July	Aug.	Sep.	Oct.	Nov.	Dec.
Interbank Rate1	28.1	20.4	20.7	15.2	7.1	8.4	9.0	9.3	18.2	16.1	13.2	11.8
GKO Yield of the Bank of Russia obligations2	34.4	21.0	25.3	27.4	20.2	16.0	—	—	—	—	—	—
OBR Yield of the Bank of Russia obligations3	31.9	18.4	—	—	—	—	—	—	—	—	—	—
Deposit Rate4	24.2	22.8	18.9	14.6	14.7	11.0	12.6	8.8	9.7	9.0	9.4	8.5
Loan Rate5	45.5	44.1	45.7	43.8	43.5	32.2	38.9	38.5	37.8	37.0	38.3	31.3

	1999	Q1, 1999	Q2, 1999	Q3, 1999	Q4, 1999
Interbank Rate1	14.8	23.0	10.2	12.2	13.7
GKO Yield of the Bank of Russia obligations2	24.0	26.9	21.2	—	—
OBR Yield of the Bank of Russia obligations3	25.2	25.2	—	—	—
Deposit Rate4	13.7	22.0	13.4	10.4	9.0
Loan Rate5	39.7	45.1	39.8	38.4	35.5

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. In June the data are given for the period from June 1 to June 16.

3 OBR Yield of the Bank of Russia obligations — an average-weighted by volume and terms of circulation. In February 1999 the data are given for the period from February 1 to February 16.

4 Deposit Rate — an average-weighted rate on 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’ 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 April 18, 2000.