Government To Consider Development Strategy For Vneshekonombank

The Russian government will consider the development of Vneshekonombank, the financial agent of the Finance Ministry, at a meeting today. The Cabinet will consider a development strategy that provides for splitting the bank into a commercial bank and an agency for servicing the Russian state debt. Experts believe that this will allow for attracting more foreign investments to the bank and it will provide support to Russia's export and import transactions. The new bank will not render banking services to residents but specialize in deposits in other countries and financial services for agreements between the government and foreign parties.