The zero-coupon bonds, which have a face value of 100,000 rubles and mature in 1996, will entitle the bearer to a telephone connection when they mature, Interfax said. No further details of the bonds were immediately available.
It said thousands of people are waiting for telephones in the city in the Urals.
The planned Russian-made exchanges will have a capacity of 20,000 numbers.
Other Russian cities are planning to issue local government paper, known in the United States as "munis."
The city of St. Petersburg plans to issue three-, six-, nine- and 12-month zero-coupon bonds worth 2.1 trillion rubles to finance its budget.
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