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. Last Updated: 07/27/2016

Record Interbank Issue

MOSCOW-- The Finance Ministry will issue a record 1.5 trillion rubles ($765.7 million) in three-month treasury bills at its 14th monthly auction next Tuesday, an official at the exchange where the bills are traded said Wednesday. Mikhail Laufer, securities expert at the Moscow Interbank Currency Exchange, said that the issue would be the government's largest ever. At its 13th short-term treasury bill auction last month, the Finance Ministry sold about 400 billion rubles in bills at an average annual yield of 179 percent. The government uses treasury bills as a non-inflationary way of financing the budget deficit, and plans to issue a total of 9 trillion rubles worth of three- and six-month securities this year.