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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000860489-03-000009.txt : 20030604
<SEC-HEADER>0000860489-03-000009.hdr.sgml : 20030604
<ACCEPTANCE-DATETIME>20030604103550
ACCESSION NUMBER:		0000860489-03-000009
CONFORMED SUBMISSION TYPE:	N-23C-1
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030531
FILED AS OF DATE:		20030604
EFFECTIVENESS DATE:		20030604

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL EUROPEAN EQUITY FUND INC /MD/
		CENTRAL INDEX KEY:			0000860489
		IRS NUMBER:				133556099
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-23C-1
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	817-00185
		FILM NUMBER:		03731484

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2124741694

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	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
<FILENAME>n23c1cee0503.txt
<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 MAY 2003

        THE CENTRAL EUROPEAN EQUITY FUND, INC.
(Name of registered closed-end investment company)

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


05-01	  CEE      1800      15.0000      18.13  	   	Weeden & Co
05-02   " "      1400      15.0629      18.27             " "
05-05	  " "      1500      15.3967      18.46		    " "
05-06   " "      1000      15.3800      18.75		    " "
05-07   " "      1700      15.5000      18.51		    " "
05-08   " "      2000      15.3400      18.50		    " "
05-09   " "      1700      15.4100      18.59		    " "
05-12   " "       500      15.5600      18.81		    " "
05-13   " "       200      15.7450      18.87		    " "
05-14   " "       100      15.9100      19.06		    " "
05-16   " "       500      15.9800      19.24		    " "
05-19   " "      1000      16.1400      19.33		    " "
05-20   " "      2000      16.1310      19.19		    " "
05-21   " "       500      16.0500      19.33		    " "
05-23   " "      1000      16.3000      19.62		    " "
05-27   " "      2000      16.3780      19.64		    " "
05-28   " "      1500      16.6000      19.75		    " "
05-29   " "      1200      16.5408      19.76		    " "
05-30   " "      1400      16.6700      19.79		    " "




The Central European Equity Fund, Inc.
Name of Registrant
By Isabella Chan - Fund Administrator
Date of Statement          06/03/03





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