12 Oct 2012 12:54

Russian Treasury to place up to 37 bln rubles in 3-mth deposits on Oct 16

MOSCOW. Oct 12 (Interfax) - The Russian Treasury will select banks for placing up to 37 billion rubles worth of idle federal budget funds in 91-day deposits on October 16, the Treasury reported.

The Treasury will conduct its selection on the St. Petersburg Currency Exchange (SPCEX) in closed form. It will place the funds in deposits until January 16, 2013.

It has set the minimum interest rate for the selection at 7.2% per annum.

Each bank will be able to submit no more than five applications worth at least 200 million rubles each.