Capital Of Russia's Banking System Increases By 30% In First 9 Months Of 2001

The total capital of the Russian banking system increased by 30% to 370 billion rubles (about $12.4 billion) in the first 9 months of 2000, Central Bank First Deputy Chairman Tatyana Paramonova said at today's news conference in Moscow, devoted to the history and development of the stock market in Russia. According to her, the total capital of Russian banks rose by 70% in 2000. Banks of Moscow and Moscow Region have been increasing their authorized capitals through issue of shares most actively, Paramonova pointed out. At the same time she reported that not many Russian banks have shares that are freely sold on the market. This is due to the fact that investments in banking capital traditionally are strategic investments, she remarked. At the same time Paramonova believes that during the implementation of the strategy of reforms to the banking sector of Russia the number of Russian banks whose shares are freely sold on the market will be growing.