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VTB bank restricts dollar lending — Kostin

Hard currency loans should be available only to importers or those who really need them, VTB head Andrey Kostin says

VTB CEO Andrey Kostin TASS/Mikhail Dzhaparidze

VTB CEO Andrey Kostin

© TASS/Mikhail Dzhaparidze

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.

Refinancing foreign exchange liabilities

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.

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