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21 February, Tuesday

Ufa   °

New way to increase the budget was found in Bashkortostan

Business

UFA, 11 September 2015. /Bashinform News Agency, Ksenia Kalinina/.

In Bashkortostan, it was found a new way to increase the budget. The Ministry of Finance of the Republic developed a procedure of temporarily free budget funds placement on bank deposits for a short period of time — weekends or holidays.

For this first time overnight will be started to practice in the region — an operation where funds on deposit are received on the last working day of the week, and the deposit amount and accrued interest thereon are returned on the first working day after a weekend or holidays, according to the website of the Government RB.

The credit organization for placement of budgetary funds will be determined through bidding and selection process. The banks complying with specific requirements and having the valid master agreement with the Finance Ministry are entitled to participate in the selection.

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