Mini liquidity crisis as rubles temporarily become scarce.
Inflation continues to forge ahead.
The total placement was R2.246 billion out of R3 billion planned. According to market players, only the participation of Sberbank in the auction saved it from being cancelled. In March, the Ministry plans to issue 6 and 12 month GKOs in the sum of R6 billion. The new GKO issues reflect the recently passed budget amendments that provide for an additional R30 billion of federal domestic debt issues this year. Although the tap continues to be turned on periodically, promises that a plan for allowing repatriation of the remaining S-account funds has not been promulgated.