Logo
  Monday, March 30, 2020
Sign-In  |  Sign-Up  |  Contact Us  |  Bookmark 

Russia's state-controlled Vnesheconombank (VEB) will invest up to 5 billion rubles
Russia's state-controlled Vnesheconombank (VEB) will invest up to 5 billion rubles ($184.5 million) daily on the Russian stock market to ease the effects of the ongoing global financial crisis, VEB chairman Vladimir Dmitriyev said.

The global credit crunch, sparked by the subprime mortgage crisis in the United States, quickly spread to Asia and Europe leading to record losses on global financial markets and a worldwide liquidity shortage.

The Russian government has allocated 175 billion rubles ($6.5 billion) from the National Prosperity Fund to national development bank VEB to buy the stocks of leading Russian companies with strong credit ratings to shore up the liquidity of domestic businesses.

"We have spent around 20 billion rubles [$740 million] on shares and around 5 billion rubles [$185 million] on bonds of highly reliable Russian issuers. Our plans are about the same: to use resources from the National Prosperity Fund to diversify it and support the Russian financial market. The volume of investment will depend on the behavior of our bourses and share prices," Dmitriyev said.

VEB managers say they coordinate stock market investment with the Russian Finance Ministry in terms of the expediency of the operations, their volume, and the list of eligible companies and investment instruments.


Print Russia's state-controlled Vnesheconombank (VEB) will invest up to 5 billion rubles Bookmark Russia's state-controlled Vnesheconombank (VEB) will invest up to 5 billion rubles

Related News   
SepOctober 2008Nov
MoTuWeThFrSaSu
293012345
6789101112
13141516171819
20212223242526
272829303112
3456789