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Russian federal bonds auctions on hold - deputy minister

September 21, 2014, 13:43 UTC+3 CAIRNS
Commenting on the fact that the Finance Ministry did not have the auctions for nine weeks running, Storchak said he could not “forecast when we shall not cancel, but try to organise one”
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Russia's Deputy Finance Minister Sergei Storchak

Russia's Deputy Finance Minister Sergei Storchak

© ITAR-TASS/Michael Pochuev

CAIRNS, September 20. /ITAR-TASS/. Russia’s Finance Ministry will resume federal bonds auctions when yields return “to the level, where we began cancelling the auctions,” Deputy Finance Minister Sergei Storchak said in an exclusive interview with ITAR-TASS on Sunday.

Commenting on the fact that the Finance Ministry did not have the auctions for nine weeks running, Storchak said he could not “forecast when we shall not cancel, but try to organise one.”

“We realise clearly we are not ready to give bonuses to the market due to political risks and because the market is thirsty for a bonus of the kind,” the deputy minister said. “We are not facing a problem to finance current budget expenses by borrowings, thus financing expenses with paid money, where free money is, will not happen.”

“Investors understand this and sooner or later they will change their own investment portfolios - there will be no Russian risks, and the risk, I believe, is necessary for some investors, from the point of view of diversifying the portfolios; and then together with the investors we shall be working out a compromise. We shall offer an acceptable yield rate, which could reflect the realistic state of finances in the Russian Federation.

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