Finance Ministry lowers interest rate on budget deposits to 4.55%
MOSCOW. April 21 (Interfax) - The Finance Ministry has reduced the minimum interest rate it will accept for deposits of temporarily idle budget funds until December to 4.55% annually from the 4.80% announced initially.
The selection will be held on April 26. The banks will receive the funds on April 27 and return them on December 7.
A bank may submit up to five bids. The minimum bid is 200 million rubles.
The previous three selections in April received no bids. They included a minimum rate of 4.30% for deposits until August 31 on April 5, 4.65% until September 21 on April 12 and 4.70% to October 19 on April 19.
The last time one of the tenders succeeded was on March 29, when two banks received 38 billion rubles on deposit until November 30 with bids in the range 4.80%-5.01%.