Russian Financial Control Monitor

MIASS. Russian LCV and truck producer GAZ plans to invest RUR11bn ($329.4mn, or €250.1mn) in its Ural manufacturer of heavy-duty trucks within five years, the company said in a statement. It is now considering the development of bonneted and cab-over-engine models of special vehicles based on the recommendations of clients, who proposed changing the Ural trucks’ design.

MOSCOW. Forced to operate amid rouble weakening in the first six months of the year, Russian banks have changed their position in clearing deals with non-resident banks to become net lenders. Their net receivables from foreign banks totalled RUR1.148tn ($34.4bn, or €26.1bn) as of July 1, the Bank of Russia said in an analytical report. At the beginning of this year, Russian banks were in the net borrower position with total debt to foreign banks at RUR22.7bn (around $680mn, or €516mn). The rouble weakening is usually accompanied by the growth of foreign currency liabilities at Russian banks as they place money with foreign banks.

2023-10-08 11:42:18