BANK OF FRANCE CUTS INTERVENTION RATE

  The Bank of France said it cut its money
  market intervention rate to 7-3/4 pct from eight pct when it
  injected money against first category paper.
      The bank also cut its seven-day repossession rate to 8-1/2
  pct from 8-3/4 pct.
      The intervention rate has stood at eight pct since it was
  raised from 7-1/4 pct on January 2 as the French franc came
  under pressure ahead of the EMS realignment on January 11.
      The bank said the purchase, effective tomorrow, is for five
  pct of private paper and fixed rate Treasury bills maturing
  between March 25 and June 25 and of other Treasury bills
  maturing between March 25, 1987 and March 25, 1989.
      The rate cut had been expected since the bank announced a
  money market intervention tender earlier today.
      Money market dealers said conditions seemed right for a
  quarter percentage point cut, reflecting an easing in the call
  money rate last week, and the French franc's steadiness on
  foreign exchange markets since the February 22 currency
  stabilisation accord here by the Group of Five and Canada.
  

