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The volume of sales of government bonds fell after the Ministry of Finance refused to raise rates

Photo: delo.ua

The National Bank expects that the Ministry of Finance will raise bond rates after setting the discount rate at 25%.

The Ministry of Finance raised a total of UAH 809.7 million at auction for the placement of military government bonds on Tuesday, June 7, keeping the rates of return, despite the National Bank’s increase of the discount rate from 10% up to 25%.

The decline continues for several weeks. Last year, UAH 2.63 billion was attracted, and before that – UAH 9.4 billion.

“War bonds were, first of all, a tool to support the state budget during a full -scale invasion of the Russian Federation, and not a tool to maximize profits from investment activities, hence the rates on military government bonds remain fixed, ”the report said.

The Ministry of Finance recalled that the rates remained unchanged: 9.5%, 10% and 11.5% per annum.

At the same time, the number of applications dropped from 116 to 40 compared to previous auctions.

The Ministry of Finance for the first time did not indicate the maximum and minimum level of profitability, a possible reason for this may be the lack of competitive bids at auctions.

Earlier, the National Bank explained the decision to raise the discount rate from 10% to 25% by saying that it will help maintain a stable hryvnia exchange rate and protect the income and savings of citizens from in depreciation.

Also, the NBU expects that due to the increase in the discount rate, rates on government bonds should rise.

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Source: korrespondent

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