Russian central bank to withdraw foreign capital

This year the Russian central bank plans to significantly reduce its share in Russian foreign banks and will withdraw from their capital fully at the beginning of 2004.

Senior deputy finance minister Alexei Ulukaev reports that the strategy of the Russian banking sector development for the period between 2003 and 2005 approved on 26 December by the government contains such provisions.

Ulukaev explains that the central bank is actively reducing its stakes in these banks. Recently the central ban