Bloomberg News

Russia to Place 70 Billion Rubles With Banks as Demand Doubles

September 29, 2011

Sept. 29 (Bloomberg) -- Russia’s Finance Ministry will place 70 billion rubles ($2.2 billion) of unspent budget funds with banks after receiving bids for more than twice that amount, according to a statement on the ministry’s website.

The funds were deposited at an average rate of 6.91 percent until Dec. 7, according to the statement. Demand reached 169 billion rubles.

The ministry placed 55.8 billion rubles until Oct. 5 earlier this week.

To contact the reporter on this story: Artyom Danielyan in Moscow at adanielyan@bloomberg.net

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net


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