16 Mar 2012 19:20

Russian MinFin to offer banks 10 bln rubles in budget funds on March 20

MOSCOW. March 16 (Interfax) - The Russian Finance Ministry will offer banks the right to hold 10 billion rubles in idle budget funds at an auction on March 20.

The minimum interest rate at the auction is 6.3%, the ministry said.

Banks will be able to hold the funds until May 16.

Banks can make up to five bids during the auction and the minimum bid is 200 million rubles.