Association Of Russian Banks Forecasts Volume Of Credits To Be Provided In Russia In 2001

According to estimates of the Association of Russian Banks, the total volume of credits to be provided by Russian banks by the end of 2001 will reach 2 trillion rubles (about $678 billion). Their total profit will reach 50 billion rubles, Sergey Yegorov, the president of the association, reported today. He noted that surging profits of Russian banks and additional revenues due to a reduction in the profit tax rate to 24 per cent should be used as sources for the capitalization of the Russian banking system. In addition, Yegorov stressed that all limitations on banks with foreign interest have been cancelled in Russia. Russian monetary authorities will not hamper foreign banks from coming to work in Russia.