MOSCOW, Sep 16 (PRIME) -- The board of directors of the central bank on Friday has defined the main parameters of the Bank of Russia coupon bonds (OBR), and decisions to offer the bonds will depend on the situation with liquidity in the country’s banking sector, the regulator said in a statement.
“The possibility of issuing OBR with maturities three, six and 12 months is provided. The coupon period is determined equal to the minimum term of OBR circulation – three months. The coupon rate on OBR will be equal to the Bank of Russia key rate on each day of the coupon period that is aimed at keeping money market rates close to the key rate in the case of significant structural liquidity surplus,” the authority said.
The board of directors will make decisions “on specific issues of OBR bonds as a need arises taking into account the transition to a structural liquidity surplus in the banking sector and its following dynamics.”
The bank’s Chairwoman Elvira Nabiullina said that the authority is ready to issue OBR bonds, but there is no necessity in them right now as the bank is able to “cope with the situation with deposit auctions.”
The regulator may issue OBR bonds if a stable structural liquidity surplus in the banking sector is formed which is expected in early 2017, she said.
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