The head of the Ministry of Finance urged banks to actively buy OFZ – Kommersant
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Finance Minister Anton Siluanov called on Russian state-owned banks to participate more actively in OFZ auctions. He noted that several banks, in particular Sberbank and VTB, did not take part in the last auctions.
“State-owned banks, buy our bonds. Here at the last auctions, neither Sberbank nor VTB was. Sberbank bought 10 billion. Or they say, give us higher rates. Where more? For you, loans will be even more expensive. That’s what is negative about such an increase in the budget deficit. This is not an easy option, it is one of the most difficult and negatively affecting the economy,” Mr. Siluanov said during a Sberbank business breakfast on the sidelines of the SPIEF (TASS quote).
However, the head of Sberbank German Gref called the increase in borrowing on the market an obvious, but temporary source of replenishment of the budget in “hot moments”. “This is a potentially temporary source, as the increase in borrowing cannot be infinite. But in hot moments, you can afford it with our debt-to-GDP ratio, one of the best in the world. But this is an obvious reserve,” he added.
The Minister of Finance recalled that over the past three years – from 2019 to 2022 – federal budget expenditures have been increased 1.5 times, from 18 trillion to 29 trillion rubles. “Where further, it is simply impossible. The best answer is to climb inside and find expenses from there,” he said.
At the latest OFZ auctions, the Ministry of Finance offered bonds with a floating coupon that are less comfortable for themselves, but popular with banks. At auctions held on June 14, the issuer placed bonds of two issues in the amount of 106.6 billion rubles. This is the fourth result since the beginning of the year, and the Ministry of Finance attracted large amounts in January-February, against the backdrop of a liquidity surplus in the banking system and reduced fears of an increase in the Bank of Russia rate.
More details – in the material “Kommersant” “The Ministry of Finance swam towards investors”.
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