Medvedev allows govt to issue bonds in BRICS, SCO currencies

MOSCOW, Dec 19 (PRIME) -- Russian Prime Minister Dmitry Medvedev has signed a ruling allowing the Finance Ministry to issue OFZ federal bonds denominated in the currencies of BRICS and the Shanghai Cooperation Organization (SCO), he said on Monday during a government meeting.

The ruling changes conditions of emission and circulation of OFZ bonds. “Under conditions of restricted access of our companies to financing, this source of alternative borrowing is relevant. The issue of new debt that is regulated by Russian legislation with a pivot on our financial institutions is strategically important,” he said.

BRICS comprises Brazil, Russia, India, China, and South Africa. The SCO currently comprises China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan, while India and Pakistan signed memorandums on accession to the organization in June.

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