From left to right: Foreign Minister Sergei Lavrov, Security Council Secretary Nikolay Patrushev, Prime Minister Vladimir Putin, President Dmitry Medvedev
Photo: Alexander Miridonov
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Russia’s President Offered Half of Trillion to the Market
Russia’s President Dmitry Medvedev has offered to appropriate a half of trillion ruble to support the stock market of Russia, including 250 billion ruble to be provided from the federal budget, RIA Novosti reported.
The president didn’t specify exact route of the money. According to previous reports of the media, VTB and Sberbank might get it to buy back their stocks on the market.
Medvedev also assured that Russia’s government has all required resources to stabilize the situation and pledged to extend the helping arm to the country’s financial sector.
The president proposed to the Central Bank of Russia and Finance Ministry to discuss additional support for the biggest banks of Russia.
After the emergency meeting of the government, Finance Ministry and the Central Bank of Russia resolved to provide nearly 1.5 trillion ruble to the country’s biggest banks for three months. According to Finance Ministry, the banks will use funds to grant loans to middle and small credit institutions suffering from the money shortage.
What’s more, the CBR lowered mandatory reserve threshold for the banks that will release around 300 billion ruble. In the CBR, they have compiled a special red list of 15 banks that are in need of the urgent financial support.
www.kommersant.com
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