Nord Stream 2 financing model to be ready by year end - OMVBusiness & Economy February 24, 13:44
Churkin left bright mark in history of Russian diplomacy, Lavrov saysRussian Politics & Diplomacy February 24, 12:20
Cargo spacecraft docks ISS in automatic modeScience & Space February 24, 11:58
Belarus to present to European Commission report on NPP stress tests' results - ministryBusiness & Economy February 24, 11:36
Funeral ceremony for UN Ambassador Vitaly ChurkinRussian Politics & Diplomacy February 24, 10:35
Moscow appoints acting permanent representative to UN after Vitaly Churkin’s deathRussian Politics & Diplomacy February 24, 8:25
Pentagon wants more senior-level talks with Russia on security of flights in Syria — mediaWorld February 24, 8:15
IAAF approves application of three Russians to compete as neutral athletesSport February 24, 1:43
US lawmakers present no evidence of Russia’s interference in US election - Russian MPRussian Politics & Diplomacy February 23, 21:42
MOSCOW, October 1. /TASS/. Russia’s Vneshtorgbank (VTB) has reduced the amount of lending in US dollars, VTB head Andrey Kostin said on the sidelines of the forum Russia Calling on Wednesday.
“In general, we are trying to avoid extending dollar loans in order to de-dollarize the economy. This is right. Many businesses prefer to borrow dollars not because they need them, but because the currency looks less expensive. But in doing so, they assume currency risks without having dollar incomes. And this is wrong,” he said.
Kostin said that hard currency loans should be available only to importers or those who really need them.
VTB Bank, Russia’s second largest bank by assets, expects to raise funds from the Central Bank of Russia to refinance its foreign exchange liabilities, Kostin said on Wednesday
“So far, we are not experiencing (a shortage of foreign exchange liquidity). Possibly, the population will switch from rubles to US dollars and this will also add foreign currency to the banking sector,” the VTB head said.
The VTB CEO said the bank was counting on funding from the Central Bank of Russia in the current situation to refinance its foreign exchange liabilities.