MinFin to select bank applications for placement of budget funds in 3-mth deposits on March 23

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MinFin to select bank applications for placement of budget funds in 3-mth deposits on March 23

MOSCOW. March 13 (Interfax) - Russia's Finance Ministry will select applications from banks for placing 70 billion rubles in temporarily idle budget funds in deposits for three months, the ministry said.

The minimum rate was set at 6.75%.

The funds will be provided on March 24 with June 23 slated for funds return.

One bank is able to submit a maximum of five applications at a minimum of 1 billion rubles each.