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14 Apr, 2008 13:40

Russian budget to provide $US 25 BLN in liquidity

Russia will start using government money this week, to protect its banks from the effects of the global credit squeeze. It's the first time the country has used budget money to boost liquidity. It'll provide up to $US 25 BLN, as needed.

Speaking in Washington Russia's Finance Minister announced the country's boldest move yet to protect its banks.

Russia's banking system has coped relatively well since the global credit crisis hit last summer.

However, bankers have predicted a liquidity squeeze in the country, starting from the third quarter of the year.