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Kudrin Has Plan for Financial Markets
Trading will be resumed on Russian stock markets on September 19, Russian Finance Minister Alexey Kudrin stated at a meeting in the Kremlin on the situation on those markets. “We have made the decision to stop the procedure to regulate debt and accounts settlement and to renew trading on the Russian stock market tomorrow,” he said.
Kudrin added that the government will allocate an additional 60 billion rubles as credit for market participants. In addition, there will be an unscheduled auction for the five-day placement of 200 billion rubles in temporarily free Federal Treasury funds in commercial banks. The minister also stated that the Russian government will decide before the end of the week to lower export duties on crude oil and petroleum products on October 1.
One more measure that will be taken, Kudrin reported, is the allocation of 60 billion rubles to the Agency for Mortgage and House Crediting. A resolution to that effect is being prepared. Those funds will be used to refinance commercial banks’ mortgage credits.
www.kommersant.com
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