12 Jul 2011 12:57

Russia' MinFin places 3.5 bln rubles in 2-month deposits in three banks at 3.98%

MOSCOW. July 12 (Interfax) - Russia's Finance Ministry placed 3.5 billion rubles in temporarily idle budget funds in bank deposits for two months (until September 14), the ministry said.

Three banks taking part in the tender submitted applications for 3.5 billion rubles at a set limit of 10 billion rubles. The ministry fully satisfied these applications.

The banks submitted applications with guidance of 3.95%-4%. The cutoff rate was set at the minimum end of the guidance at 3.95%. The average weighted rate at placement came to 3.98%.

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