For the last year, Moscow banks have stopped increasing their share of the country’s total bank-held assets, Kommersant-daily reported May 4-5. Seeking to increase their share from its current level of 60 to 70 percent , the Moscow banks are buying up regional ones. In another move intended to increase their influence but one that may making capital flight even easier, several large Moscow banks are establishing branches abroad. Rossiiskie Kredit, for example, plans offices in China, New York, London, Tel-Aviv, and the Persian Gulf states, Kommersant Daily said May 6.
Ruble: Purchasing Power Up But Exchange Rate Down.