Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

T-Bills Go Begging

MOSCOW () -- Buyers shied away from a new issue of six-month treasury bonds, Skate-Press Consulting Agency reported Wednesday, purchasing less than half of those offered at auction.

Of 600 billion rubles ($288 million) worth of T-bills offered at Tuesday's sale, only 352 billion rubles worth were sold at an average annual yield of 158 percent -- 8 percent higher than the current Central Bank refinancing rate.

The government uses T-bills as a non-inflationary source of financing Russia's budget deficit.