Thursday, September 18, 2008

Russia Injects $19.5 Billion

Russia’s president, Dmitry Medvedev, said on Thursday that the country would spend $19.59bn to support and stabilise its financial markets as share trading on its two main exchanges remained shut.

In addition, Alexei Kudrin, finance minister, said Russia’s mortgage agency would get a cash injection of 60 billion roubles, while major banks Sberbank, VTB and Gazprombank would lend $2.37bn to stock market players.

Trading on the country’s two biggest exchanges, MICEX and RTS, would resume on Friday.

-EPJ Newsdesk

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