Russia to allocate another $36 billion to local banks

NEW YORK (MarketWatch) — Russian President Dmitry Medvedev said Tuesday that the government has decided to allocate 950 billion rubles, or about $36 billion, in subsidized credits to a number of Russian banks for a period of no less than five years, according to a statement published on the Kremlin’s website. The latest measure comes after the Russian government has already pledged some $170 billion in financial relief in recent weeks, the Associated Press reported. On Monday, Russian equities suffered one of their worst daily losses ever — the RTS index plunged 19.1% and the Micex index tumbled 18.7%. After a volatile session Tuesday, during which trading was suspended temporarily, the RTS index ended down 1%.
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Original post by Forextvblog

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