Net proceeds from OFZ placement in 2013 to be 430-440 bln rubles - Siluanov
GORKI. Oct 7 (Interfax) - The net proceeds from the placement of OFZ federal loan bonds this year will amount to 430-440 billion rubles, Russian Finance Minister Anton Siluanov told the press after a meeting conducted by Prime Minister Dmitry Medvedev on 2013 budget amendments.
"In association with the fact that we are increasing credits to regions, it's possible that we will practically have to take the planned amount. We will be sticking with the planned amount. Net financing will be about 430-440 billion rubles," the minister said.
He said the draft amendments to the 2013 budget called for increasing budget loans to the regions by 50 billion rubles.
"We're lending more to the regions. But where's the money coming from? From the fact we'll be fulfilling our plan [to borrow on the domestic market]," he said.
The Finance Ministry had planned to cut planned borrowing on the domestic market by 200 billion rubles this year. "Initially we planned to cut it by 200 billion rubles. But then we recounted our resources for additional deficit financing. This includes 50 billion rubles more in budget loans for the regions, and we need to find the resource for this. So we have to borrow more on the domestic market," Siluanov said.
He said the existing version of the 2013-2015 budget set domestic borrowing at 448 billion rubles in 2013.
The Finance Ministry says on its website that net domestic borrowing with securities was 110.5 billion rubles in January-September and that 340 billion rubles in OFZ should be placed in Q4 2013.
