Page 110 - RusRPTNov21

Ministry of Finance reached its 2021 Q3 borrowing target as a result of high demand for OFZ bonds in the first half of September.
Households’ higher interest in the stock market contributed to an increase in their net on-exchange purchases of foreign currency compared to the previous year. However, individuals’ demand for foreign currency in exchange and OTC markets remains below the pre-pandemic level.
Non-residents’ OFZ holdings hit their record high (3.3 trillion). The Ministry of Finance reached its 2021 Q3 borrowing target as a result of high demand for OFZ bonds in the first half of September.
Households’ higher interest in the stock market contributed to an increase in their net on-exchange purchases of foreign currency compared to the previous year. However, individuals’ demand for foreign currency in exchange and OTC markets remains below the pre-pandemic level.
The foreign share of OFZ market ticked up to 21.6% of the total RUB3,383bn outstanding in September from 21.4% in August, its highest level since February this year.
110 RUSSIA Country Report November 2021 www.intellinews.com