Monitoring of the Federal Legislation dated 7.02.2008

Direction of the Central Bank of Russia No. 1973-U of February 1, 2008 on the Interest Rates for the Deposit Operations of the Bank of Russia

Pursuant to the increase of the rate of refinancing of the Bank of Russia, increases from February 4, 2008 the fixed interest rates for the deposit operations of the Bank of Russia carried out with credit organisations in the currency of the Russian Federation.

Direction of the Central Bank of Russia No. 1971-U of February 1, 2008 on the Interest Rates for the Credits of the Bank of Russia

Beginning with February 4, 2008, the interest rate for the secured credits of the Bank of Russia is fixed in the amount of 9.25% annual, for the lombard credits of the Bank of Russia granted for one calendar day, in the amount of 8.25% annual.

Direction of the Central Bank of Russia No. 1970-U of February 1, 2008 on the Normatives of Obligatory Reserves (Reserve Claims) of the Bank of Russia

From March 1, 2008, the normative of obligatory reserves of credit organisations in obligations to non-resident banks in the Russian and foreign currencies is increased from 4.5% to 5.5%, in obligations to natural persons in the currency of the Russian Federation, from 4% to 4.5%, in other obligations in the Russian and foreign currencies, from 4.5% to 5%.