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Finance ministry assumes federal bonds will encourage citizens to make savings

October 31, 2016, 20:57 UTC+3
The federal loan bonds for population will not be traded on the secondary market, the ministry assured
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© Vladimir Smirnov/TASS

MOSCOW, October 31. /TASS/. One of the purposes of issue of federal loan bonds for the population is to encourage people to do medium-and long-term savings, an official with the press service of the Finance Ministry told TASS.

"The main purpose of the special government securities for the population is to increase the financial literacy of citizens and to encourage them for medium-and long-term savings," the official said.

Russia’s Finance Ministry plans to issue federal loan bonds for population for the sum of about 20-30 bln rubles ($315 mln-473 mln), an official with the ministry told TASS.

Preliminary the bonds will have the maturity period of three years. It is not clear from the statement when exactly the bonds will be issued.

"The main purpose of the special government securities for the population is to increase the financial literacy of citizens and to encourage them for medium-and long-term savings," the official said.

He added that the federal loan bonds for population will not be traded on the secondary market.

"The difference of the bonds for population from classic federal bonds is in their non-market nature, this instrument will not be traded on secondary market. In terms of their parameters and level of risk the federal bonds for the population will be between bank deposits and conventional federal loan bonds, traded on the regulated financial market, that is why new securities will not compete with bank deposits," the official said.

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