MOSCOW, April 9 (Itar-Tass) —— The Russian Finance Ministry plans to hold an auction for the placement of ten billion roubles (USD 1 = RUB 29.64) from the federal budget on deposits of commercial banks, the Central Bank of Russia said in a statement published on Monday.

The ministry plans to hold an auction on Tuesday, the document wrote, adding that the ministry’s offer will be effective within a month. The deposits are to be made on Wednesday and returned on May 16. The minimum interest rate will be established at 5.9 percent per annum. One credit organisation can submit no more than five bids worth no less than 200 million roubles each, the statement wrote.

The Finance Ministry’s previous auction for the placement of the federal budget funds in commercial banks was held on March 27. During the auction, the ministry managed to place 7.3 billion roubles, while the limit was at ten billion roubles. The minimum interest rate was established at 6.4 percent per annum, while the average weighted annual interest rate was set at 6.48 percent. Four commercial banks took part in the auction.