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Russia's Finance Ministry will hold auctions on September 30 and October
Russia's Finance Ministry will hold auctions on September 30 and October 1 offering banks up to 500 billion rubles ($20 billion) in temporarily available budget funds to boost liquidity, the ministry said on Thursday.

At its September 30 auction, the ministry will offer 200 billion rubles ($7.9 billion) for a term between October 1 and November 5 at a minimum rate of 8.25% per annum.

At its second auction, the Finance Ministry will offer up to 300 billion rubles ($11.9 billion) from October 2-9 at a minimum rate of 8% per annum.

The Russian stock market slumped on September 17 and trading was suspended for two days after share prices plummeted to their lowest levels in nearly three years on the RTS and MICEX stock exchanges amid worsening global financial troubles.

The market rebounded on September 19 after the government took urgent measures to pump billions of dollars into it to shore up liquidity.

Analysts say problems with liquidity experienced by the Russian banking sector might prompt a wave of bank consolidation, and reduce the number of credit institutions in Russia by a third.


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