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Gold9472
04-09-2005, 06:48 PM
Russia banks on Europe, not US

World News, MOSCOW : Russian banks are investing more in Europe than in the United States or Britain, he Interfax news agency reported Monday.

MOSCOW : Russian banks are investing more in Europe than in the United States or Britain, he Interfax news agency reported Monday.

Russian banks placed more inter-bank loans and deposits with banks in Germany, France and Italy, but less in the United States and Britain last year, the Central Bank of Russia reported on its website according to Interfax.

The proportion of Russian bank funds placed with banks in Germany increased from 2.4 percent to 7.2 percent, in France from 1.6 percent to 3.1 percent and in Italy from 1.0 percent to 1.8 percent, the news agency said.

However, the proportion of Russian funds placed in U.S. banks decreased from 8.2 percent to 6.7 percent last year and in Britain from 9.0 percent to 6.6 percent, Interfax said.

The proportion of funds placed by Russian banks into other Russian banks remained nearly the same as year, as in 2003, Interfax said.The figure for 2004 was 54.0 percent compared with 54.2 percent during 2003, the news agency said.

- -- Copyright 2005 by United Press International.