Buba chief Welteke praises Russian economy
Source: RIA Novosti
Welcome improvements are emerging in the Russian macroeconomy-economic increase is gaining pace, and the federal budget has a surplus, Ernst Welteke, Germany's Bundesbank President, said while on visit to Moscow.
He also highlighted tokens of financial improvement, even though Russia has not yet passed all new laws it needs for the purpose.
Mr. Welteke finds German banking activities in Russia sluggish due to lasting prejudice, which ought to be dispelled. German banking investment in Russia is far below what it ought to be considering that Germany is Russia's closest commercial partner, he remarked.
Ernst Welteke has appeared in Moscow to analyse reciprocal banking activities in debates on the top of the Central Bank of Russia. He found major differences in the German and Russian stances.
The Russian side wants German-based banks to establish branches in Russia, while Germany prefers affiliates. The partners may meet each other halfway in favour of the Russian-backed option-but not before German banking circles take thorough stock of the matter, said Mr. Welteke as he called for lucrative conditions of Russian banking presence in his country.
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