11 Apr 2022 14:35

MinFin not planning to borrow on domestic market in 2022

MOSCOW. April 11 (Interfax) - The Russian Finance Ministry has no plans to enter the domestic borrowing market in 2022, Finance Minister Anton Siluanov told newspaper Izvestia in an interview.

"We are not planning to tap the domestic market or foreign markets this year. It makes no sense, because the cost of such borrowing would be cosmic," Siluanov said.

The Finance Ministry "does not need to borrow in the markets" at the moment, he said. "We have changed our budget policy, and all revenues that come into the budget, including oil and gas and non-oil and gas revenues, are a source for our spending and a resource for repayment of both internal and external debts," he said.

The ministry missed several auction days at the start of the year due to high market volatility, and did not place OFZs even once after the start of the military operation in Ukraine. Instead of a schedule of auctions for Q2, on March 31, the ministry published an announcement that the schedule would be disclosed after the decision to resume OFZ placements was made.