Interfax Russia & CIS Banking and Finance Weekly.
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Russia’s gold and foreign exchange reserves could grow by s record $100 billion this year, Finance Minister Alexei Kudrin told a conference on economic policy in St. Petersburg on September 30. “We have a balance of payments surplus every year, with more currency entering the country than leaving it. One of the most significant results of this is growth in the reserves, which we forecast will be $100 billion in 2006,” Kudrin said. The reserves grew $57.7 billion in 2005. FINANCIAL POLICY CAPEX IN RUSSIA TO DOUBLE IN 2009 - KUDRIN Capital investment in Russia will double in 2009 compared with 2005 to $265 billion, Finance Minister Alexei Kudrin told a conference on economic policy in St. Petersburg on September 30 “We’re in a phase of fairly sustained capex growth. Investment more than doubled between 2000 and 2004 and could at least double again between 2006 and 2009,” Kudrin said, adding that the Russian economy’s potential for modernization was increasing by the year. Investment in fixed assets totaled $125 billion in 2005, and could rose to $158.5 billion in 2006, $195.7 billion in 2007, $229.8 billion in 2008 and $264.8 billion in 2009, Kudrin said. FINANCIAL POLICY RUSSIA PAYS $925.3 MLN ON EUROBONDS Vnesheconombank has transferred a total of $925.307 million to JP Morgan Chase Bank, London on the Russian Finance Ministry’s behalf in payment of principal debt and coupons on sovereign Russian Eurobonds maturing in 2010 and 2030, the Russian bank said. The bank transferred $417.547 million in principal and interest on bonds maturing in 2010 and $507.76 million on 2030 bond coupons. Russia placed the 2010 bonds in 2000 to convert $2.819 billion in interest on Soviet-era debt to the London Club of creditors. The coupon is paid twice annually at 8.25%. Russia placed $18.336 billion in 2030 bonds for principal debt. The coupon on these bonds varies between 2.25% and 7.5% and is paid twice annually. |