Today the Board of Directors of the Central Bank of the Russian Federation is to approve the volume, time period and price terms of the first issue of bonds of the Bank of Russia. These bonds shall be issued by the end of the year 1999. It is expected that the volume of the first issue will reach about $383-958 million at 10% per annum. As it was reported earlier, the Board of Directors of the Bank of Russia made the decision on making five issues of the Central Bank's bonds (with their circulation terms of 3, 4, 5, 6 and 7 months respectively) at their meeting on October 15.