Russian central bank supports bond market

Sergey Ignatiev, the governor of the Central Bank of Russia, has said the central bank bought R46 billion-worth ($1.84 billion) of federal government bonds in September to ease tension in the banking sector.

Three weeks ago the central bank offered to buy the long-term bonds at 2% above their current quotations. As a result, the paper gained by 1.5% to 3.5% in value in several days. The central bank added that the previous time it intervened in the debt market was in June 2004, when the previ