the Ministry of Finance plans several times to increase the production of “national” bonds (OFZ-n). This is a valuable paper, which can buy ordinary people in major state-owned banks, not just professional investors with brokerage accounts. We are talking about the domestic debt, which in Russia is record low. To increase it (ie, borrow from the Russians) as an anti-crisis measure was proposed by Alexei Kudrin and other officials. Thus the authorities expect to fill holes in the budget, not to go into “pods” of the national welfare Fund.
the Government plans 3-4 times to increase sales OFZ-n and their regional counterparts. This measure may be included in the national plan for economic recovery. So the financial authorities are going to create “long money” for the economy (they can be scrolled on the needs of the budget). In return citizens will receive a tool for long-term savings with a yield higher than Bank deposits.
the Governments of various countries in difficult times often take people. In Soviet Russia to buy “national” bonds were actually made. Now to come to this should not. The Finance Ministry hopes that the demand for OFZ-n and so will be high. Authorities have conducted preparatory work. The introduction of a tax on income on deposits, lowering the key rate, fear for their savings in banks led to the fact that the Russians are losing interest in Bank deposits is the main alternative “national” bonds.
Recall that the first issue of OFZ-n the Ministry of Finance has done in 2017. Bonds can be bought in four state-owned banks, they are actively advertised. The Finance Ministry then said that such issues OFZ solely for the purpose of improving financial literacy of the population. Supposedly, this is the safest and easiest investment instrument: after all, is not just anybody, but the state itself. Such bonds cost about 1 thousand rubles apiece, but could buy at least 10 thousand rubles. The yield was about 1% above the Deposit rates. In fact, then the issue OFZ-n had no significant economic sense.
the chamber reported that in circulation OFZ-n in the amount of 66 billion rubles in the financial system a bit. But that attempt has brought up potential investors at a time when the state really itch. The time has come: the Treasury deficit, according to forecasts, will amount to 5-6 trillion. Part of the holes should close borrowing – including its own citizens.
Before OFZ-n was only available to the accredited banks. Now the government plans to make them available through individual investment accounts (IMS). It is also a public investment instrument, which offers a tax deduction for stored money or tax-exempt income securities bUmag. However, the “public” bonds could not buy on IMS. This capability will need to expand the circle of buyers, expect the authors of the idea.
the Ministry of Finance is not only the people, regularly releasing Federal loan bonds for different types of investors (those who have a brokerage account). “The OFZ-n may range from 200-250 billion rubles for two years, and only with the help of government borrowing can be attracted by 1.5-2 trillion rubles this year”, – predicts the Deputy head of IATS of “Alpari” Natalia Milchakova.
Analysts believe that the demand for “national” bonds will be. Money to the government will bear those who lost their jobs and were saving “under the pillow”. “The influx of newcomers is expected to be 15-20%. On accounts in banks is more than 20 trillion rubles. But Deposit rates are at multi-year lows. The Finance Ministry expects that our citizens will be actively shifted in OFZs to increase their savings”, – said the head of analytical Department AMarkets Artem Deev.
However, the government’s expectations on the high demand may not come true, said venture capitalist Alexei Buyanov. “Given the rising levels of unemployment, reduced income and reduced purchasing power of the population, we can predict a lack of wanting to invest in the amount by which the calculated power. But the desire of the Ministry of Finance to borrow from citizens is quite logical. For the authorities it is an additional source of funds in a crisis, when you need huge resources to economic recovery”, – concluded the expert.
