According to Lenta.ru, Russian Finance Minister Anton Siluanov reckons the Russians will buy Federal Loan Bonds (OFZ) for individuals on loose cash.
Speaking at an economic forum in Sochi, Mr Siluanov says that there can be money “outflow” from bank deposits to Federal Loan Bonds. “Of course we wish it will be funds which are not involved in the banking system, so-called money stored in cushions,” the Russian Finance Minister said.
Anton Siluanov said that they plan to gradually rise interest rate, the longer a person holds bonds, the higher is the yield.
The warrant will be determined on the basis of the yield on the date of issuance. Thus, under current conditions, the profitability for the first year is 7.5% and 10.5% for the third year, Konstantin Vyshkovskiy from the Finance Ministry said. Consequently, average interest rate for three years is 8.5%.
Federal Loan Bonds will be issued for three years; payments of rates will be done every six months. Early payment of bonds without yield loss is possible after one year, Anton Siluanov noted. In 2017, the Ministry of Finance will issue totaling 20-30 billion roubles.
