BANK OF FRANCE LAUNCHES MONEY MARKET TENDER

  The Bank of France said it set a money
  market intervention tender today to inject funds to the market
  against first category paper.
      Money market sources said the surprise announcement might
  herald a quarter percentage point cut in the central bank
  intervention rate from the 7-3/4 pct level set March 10, but
  they added such a cut was relatively unlikely.
      The intervention rate was cut from eight pct on March 10
  after being raised from 7-1/4 pct on January 2 to head off
  speculative pressure against the franc.
      Dealers said market fundamentals could justify a further
  easing, but a combination of technical factors and renewed
  currency uncertainties surrounding the dollar had put
  short-term upside pressure on interest rates in recent
  sessions.
      Call money rose yesterday to 7-7/8 eight pct from 7-3/4 7/8
  pct. Today it was first indicated at 8-1/8 1/4 before easing on
  news of the tender to 7-13/16 7/8 pct.
      Technical factors making for a slight shortage of liquidity
  in the market included the settlement yesterday of the latest
  monthly treasury tap stock tender, on March 5, market sources
  said.
  

