Russia to try and borrow targeted 900 bln rubles on domestic market in 2013 - MinFin
MOSCOW. Oct 14 (Interfax) - Russia will try and borrow all 900 billion rubles targeted by the budget on the domestic market this year, the deputy director of government debt and financial assets at the Finance Ministry, Pyotr Kazakevich, told reporters.
He said the 1.2 trillion rubles aired in the past consisted of more than domestic borrowing. "The 1.2 trillion rubles is an overall figure, which includes non-cash operations, OFZ [Federal Loan Bonds] exchange, recapitalizing banks with OFZ as an anti-crisis measure. The actual program [of borrowing on the domestic market] is 900 billion rubles plus a few kopecks. That's the plan," Kazakevich said.
Reports have said the 2013 budget contains 1.2 trillion rubles in gross domestic borrowing.
Kazakevich said there had been plans to scale down domestic borrowing this year but that the whole amount would now be taken up. "We thought we might cut the program, but unfortunately we had a look and saw we wouldn't be able to do so. "We'll be trying [to borrow the whole lot]," he said.
