Russian Banks Increase Their Investments in Shares

In February 2003 investments of Russian banks in shares advanced by 7.4 percent to 54.436bn rubles ($1.75bn) as of March 1, 2003, the Russian Central Bank reported. Some 1.451bn rubles ($46.66m) were invested in shares of domestic credit organizations, which was 59.4 percent higher than on February 1, 2003. Investments in shares of non-residents dropped to 101m rubles ($3.25m).

The participation of banks in subsidiaries and dependent joint stock companies amounted to 17.675bn rubles ($568.33m) as of March 1, 2003.