Agriculture Ministry plans to spend 31 bln rbl on grain purchases

MOSCOW, Oct 30 (PRIME) -- The Agriculture Ministry started to accept bids from commercial banks to finance state grain purchases on Monday and plans to spend up to 31.24 billion rubles on the purpose, the ministry said in a statement.

The maximum annual interest will not exceed the key central bank rate plus two percentage points for the entire duration of the loans. The deals are to be signed with state agent United Grain Company.

The Agriculture Ministry plans to buy up to 2 million tonnes of grain for the intervention fund in 2023. Banks’ bids will be considered until November 22, and the winner will be defined on November 24.

(93.2174 rubles – U.S. $1)

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