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Putin Sees Stability Ahead for Russia
On September 17, the Russian Finance Ministry will provide banks with 350 billion rubles in temporarily free budget funds to support banks’ liquidity. A similar sum is expected to be made available at auction as direct one-day REPO. The Central Bank of Russia has been making over 400 billion rubles available for one-day direct REPO in recent days, although banks have been using less than that amount. Russian Prime Minister Vladimir Putin said that today the Finance Ministry will provide 150 billion rubles to support liquidity, and the Central Bank 325 billion rubles.
Putin emphasized that the Finance Ministry and Central Bank are discussing further joint actions with bankers and “the use of long-term Central Bank instrument of influence” is being considered. Putin also expressed confidence that Russia will pass through the complex times for the world economy calmly and overcome its financial instability.
“There is no doubt that the ‘security pillows’ created in the Russian economy in recent years have worked,” Putin said. He added that the processes taking place on world financial markets are being reflected in the Russian economy, since it is a part of the world economy.
www.kommersant.com
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