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The Ministry of Finance of Russia refused from the next placement of government bonds after the collapse of prices in this segment of the market. About it reported department.
The canceled OFZ auction was supposed to take place today. The Ministry of Finance cited “increased volatility in financial markets” and “assistance to stabilize the market situation” as the reasons for the cancellation.
Last week, the OFZ market experienced its worst fall in half a year, losing 0.85% over this period according to the RGBI index. Since the beginning of this week, the cost of ruble-denominated government securities has dipped by another 0.18%, having updated at least since March 2020.
At the same time, the inflow of foreign capital has almost completely stopped. Back in August, non-residents invested $ 2 billion in OFZs, and since the beginning of September – only $ 100 million.
We will remind, last week the US House of Representatives endorsed the defense budget, which includes sanctions against the Kremlin, in particular those related to the Russian national debt. Now American investors are prohibited from buying new securities at the Treasury auctions, but they can still be traded. If the document is adopted, a ban will be introduced on this practice.
According to Rosstat, by September 20, for the first time in 5 years, the consumer price index reached 7%. This practically nullifies the OFZ yield in real terms.
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