MinfinMinisterie van Financiën (Dutch Ministry of Finance)
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In more market related news, MinFin also highlighted elevated risks of budget revenue shortfalls this year.
Today the domestic market will be winning back the decision of CBR on the rates and the results of Minfin's auction.
Summary: According to the MinFin, the federal budget surplus totalled RUB 120bn
Also the government debt is wider by some 1.5% points compared to the outlook of MinFin from April 2012.
MinFin has placed RUB1.9bn of OFZ 26209 (due June 2022), about 22% of the RUB8.4bn offered.
The Mission highlights the necessity of fiscal consolidation and welcomes a EoACAybudget ruleEoACAO with a more conservative base oil price, which is defended by MinFin. The IMF further suggests that the retirement age and minimum working experience are to be increased so as to reduce the pension systemEoACAOs dependency on the budget.
The MinFin has not yet published details of buyers (usually a few days later in its Newsletter), but the February issuance of 3M and 6M t-bills was mainly bought by local banks, particularly by government-owned banks (the larger share of foreigners was for 12M t-bill at 20%).
MinFin Discloses Amount of Expected Dividends from State Companies
MinFin plans to issue RON3bn in paper in March, significantly below redemptions of RON6bn over the period.
In 3Q12, Sberbank turned to MinFin deposits as an important source of new funding, borrowing RUB179bn from the government.
We would underline that the announcement does not imply that MinFin's formula will be adopted and discussions may last until 1Q13, when the issue is scheduled for government cons ideration.