The issue of federal loan bonds (OFZ) for households would not result in a heavy outflow from bank deposits, CBR chairwoman Elvira Nabiullina said when addressing the Finance Ministry's extended collegium.
"We welcome the project of issuing retail OFZ, this will increase efficiency of the transmission mechanism of monetary policy. We do not expect any adverse effect on the banking system. The size of OFZ issues is still modest, in the conditions of the liquidity surplus a marginal shift from deposit accounts to OFZ will not be a problem for banks," she said.
The placement of retail OFZ is planned to get under way next week.
The bonds with par value of Rub 1,000 will be floated in accordance with market rules. The minimum number of bonds that an individual will be allowed to buy will be 30 bonds with par value of Rub 30,000, and the maximum number of bonds in an OFZ issue will be 15,000 with par value of Rub 15 mln. The Finance Ministry intends to place retail OFZ worth Rub 20-30 bln annually.
