Ministry to offer new OFZ bonds for households from Apr–Jun

MOSCOW, Mar 21 (PRIME) -- The Finance Ministry plans to start offering a new format of OFZ federal bonds for households from April–June, and Promsvyazbank, apart from Sberbank and VTB Bank, will be able to sell them, the ministry said in a statement on Thursday.

“Unlike previous OFZ-n issues, individuals won’t have to pay commissions to agent banks while buying or selling back bonds of the new format, as the issuer – the Finance Ministry – will bear the costs. The minimum sum of purchase of the new bonds will be cut to 10,000 rubles from 30,000 rubles,” the statement read.

“Also, bondholders will be able to open credits with agent banks using the new bonds as collateral.”

Promsvyazbank will become a new agent bank to sell OFZ bonds to households besides Sberbank and VTB Bank, and the ministry may grant the agent bank status to Post Bank in the future, the ministry said.

The amendments should raise attractiveness and sales of the OFZ bonds for households.

(64.2803 rubles – U.S. $1)

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