14 May 2004 01:50
FINANCE MINISTRY HOPES TO RESTRUCTURE CBR BONDS IN MAY
MOSCOW. May 11 (Interfax) - The Finance Ministry hopes to iron out differences with the Central Bank of Russia on the
details for the restructure of 70 billion rubles worth of the government bonds in the CBR portfolio into more liquid
issues in May, Deputy Finance Minister Bella Zlatkis told Interfax.
In accordance with the 2004 budget, the Finance Ministry can, with the Central Bank's approval, restructure up
to 70 billion rubles worth of its obligations before the Central Bank into OFZ bonds maintaining the current payment
schedule. The ministry had planned to exchange the bonds before the end of the first quarter and then in April.
whether we have the right, based on the budget law, to exchange the
capitalized coupon. In our opinion - we do not, but the Central Bank
The Finance Ministry will soon learn the Audit Chamber's opinion
and may be able to make the exchange before the end of May. "We have
"We differed on one point for a small sum and, thus, asked the Audit Chamber's opinion. We agreed
everything, except for one amount of just over a billion," she said.
The Central Bank portfolio contains specific bonds, on which coupons have capitalized. "We are now discussing
with the Audit Chamber
says we do," Zlatkis said.
everything ready, as soon as the Audit Chamber gives its answer - we can do all on the same day," she said.
"We will exchange in any case," she added.
The ministry plans to issue amortization OFZ with floating coupon rates to exchange for the bonds in the Central Bank
portfolio.
[Interfax] |
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