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Russia's MICEX, RTS exchanges suspend trading

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Russia's MICEX and RTS stock exchanges suspended trading at 10:00 a.m. Moscow time (06:00 GMT) following instructions from the financial regulator, a market spokesmen said on Tuesday.
MOSCOW, October 7 (RIA Novosti) - Russia's MICEX and RTS stock exchanges suspended trading at 10:00 a.m. Moscow time (06:00 GMT) following instructions from the financial regulator, a market spokesmen said on Tuesday.

MICEX, the country's main index, closed down 18.6% after being shut down three times on Monday, and the benchmark RTS plunged 19.1% after trading was suspended twice yesterday on the back of falling oil prices and persisting concerns about the global economic slump.

"Trade in securities has been suspended in all regimes, including repurchase and negotiation deals" a MICEX spokesman said.

"Trading will start later - we are waiting for instructions from the FFMS [Federal Financial Markets Service]," an RTS official said.

In a move to shore up the country's financial system and boost liquidity, Russia's Finance Ministry offered commercial banks up to 200 billion rubles (around $7.5 billion) in temporarily available budget funds to be placed on their five-week deposits through auctions from October 8 to November 12 at a minimum rate of 8.25% per annum.

On October 8, the Finance Ministry will also offer banks up to 300 billion rubles ($11.5 billion) for week-long deposits at a minimum rate of 8% per annum.

Russia's Finance Ministry has been holding auctions to maintain liquidity on the Russian financial market since April 17. Out of a total of around 1,100 credit institutions in Russia, only 28 banks that comply with special criteria are entitled to bid at auctions for the placement of temporarily available budget funds.

Meanwhile, Russia's Central Bank said on Tuesday it has increased its limit at repurchase auctions, which allow commercial banks to sell their securities to the bank for cash with a pledge to repurchase them at a later date, from 200 billion rubles to 250 billion rubles ($9.5 billion).

At the same time, a senior government official said that the Russian government could approve new financial support measures on Tuesday.

"Possibly, today [additional anti-crisis measures] will be approved after a meeting with the president," said Andrei Klepach, deputy economic development minister.

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