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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 zDOo8/jDs/5GsQBLpMM2SQ==

<SEC-DOCUMENT>0000860489-98-000002.txt : 19980113
<SEC-HEADER>0000860489-98-000002.hdr.sgml : 19980113
ACCESSION NUMBER:		0000860489-98-000002
CONFORMED SUBMISSION TYPE:	N-23C-1
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19971231
FILED AS OF DATE:		19980112
SROS:			NONE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL EUROPEAN EQUITY FUND INC /MD/
		CENTRAL INDEX KEY:			0000860489
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				133556099
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-23C-1
		SEC ACT:		
		SEC FILE NUMBER:	817-00185
		FILM NUMBER:		98504654

	BUSINESS ADDRESS:	
		STREET 1:		31 WEST 52ND ST
		STREET 2:		C/O DEUTSCHE BANK CAPITAL CORP
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2124747000

	MAIL ADDRESS:	
		STREET 1:		31 WEST 52ND STREET
		STREET 2:		C/O DEUTSCHE BANK CAPITAL CORP
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FUTURE GERMANY FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED GERMANY FUND INC
		DATE OF NAME CHANGE:	19900219
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-23C-1
<SEQUENCE>1
<TEXT>

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-23C-1

STATEMENT BY REGISTERED CLOSED-END
INVESTMENT COMPANY WITH RESPECT TO PURCHASES OF ITS OWN
SECURITIES PURSUANT TO RULE N-23C-1 DURING THE LAST CALENDAR MONTH

REPORT FOR CALENDAR MONTH   DECEMBER 1997

			           THE CENTRAL EUROPEAN EQUITY, INC.

(Name of registered closed-end investment company)

                  						           Approx. Asset 
Date     	     Number    Price     Value or Approx.     Name of seller
of    Ident.   Shares     Per      Asset Cov./Share         or of
Trans of Sec.  Purch.     Share    at Time of Purch     Seller's Broker      

12-1	  G	       15000    16.7283	       19.72	          Deutsche Morgan 
                                           										   Grenfell 
12-2		" "		     15000    16.8125	       20.08			              " "
12-3		" "		     15000    16.7729	      	20.32 		              " "
12-4		" "		      6100    16.9488	      	20.78 		              " "
12-5		" "		     15000    17.1646       	20.92			              " "
12-8		" "		     15000    17.5508	      	21.28			              " "
12-9		" "	   	  15000    17.49	        	21.28			              " "
12-10		" "	     15000    17.53	        	20.91		          Weeden & Co.
12-15		" "		    12500    16.875	       	20.82			              " "
12-15		" "		     3300    16.75	        	20.82			              " "
12-15		" "		     3600    16.6875	      	20.82			              " "
12-15		" "		      500    16.625	       	20.82			              " "
12-15		" "		     1100    16.50	        	20.82			              " "
12-16		" "		     8600    17.2914	      	21.22			              " "
12-17		" "		     6000    17.50          21.65			              " "
12-18		" "		     9000    17.5625	      	21.71			              " "
							 
							 The Central European Equity Fund, Inc.
								       Name of Registrant
								By Joseph Cheung - Treasurer
Date of Statement          1/12/98					          

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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