Friday, February 20, 2009

Chapter RZhD criticized Centrobank.

President of OAO Russian Railways, Vladimir Yakunin criticized the actions of the Central Bank of Russia.
On Thursday in an interview with Radio BBC World Service, this program Business Daily, Yakunin said that the Central Bank has allowed Russian companies to take large loans uncontrollably abroad, which led to an increase in external debt.
According to Yakunin, Centrobank not cope with the situation in which Russian companies have started fewer loans to Russian banks, giving preference to foreign financial institutions. According to him, as a result of several years of private foreign debt of Russian companies has grown considerably.
Note that in an interview Yakunin said that the amount of debt to date is 500 million dollars, but in the news, posting BBC News, the amount of $ 500 billion, which, apparently, is more likely. Recall that as of the beginning of 2009, external public debt of Russia is 39 billion dollars, while corporate debt has exceeded this amount.
According to Yakunin, a large debt is largely arose because of loans made by private companies abroad. "On the one hand, this liberal approach, in a sense, of course, someone might like. But on the other hand, given the current situation, the Central Bank should introduce a regulation on the amount of foreign loans and their terms," -- Yakunin said, commenting on actions of the Central Bank.
Recall that the February 17, Yakunin gave an interview to the newspaper The Financial Times, which called upon the Central Bank to impose exchange control in order to spent to support the ruble funds remained in the accounts in Russia, but are not overseas. The fact that the support of the Russian economy will be allocated 200 billion dollars, Dmitry Medvedev said in November 2008.

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