- Central bank hopes to contain inflation within 6-7% annual target
- Russia's Central Bank leaves refinancing rate unchanged
- Russia's Sberbank head expects central bank to hike rates, increase excessive liquidity sterilization
- Russia's National Banking Council to mull selling 7.6% of Sberbank next week-source
The National Banking Council (NBC) has given the go ahead for Russia's central bank to sell up to 7.6% of the country's top lender Sberbank from the central bank's 57.6% stake, NBC member Pavel Medvedev said on Wednesday.
"The central bank was permitted to sell shares within the limits of 7.58%," Medvedev, who is also a deputy of the State Duma, the lower house of Russia's parliament, told RIA Novosti. "But the deal has to be agreed with the government. Our decision is not a final approval."
He said the central bank would decide on the timeframe and size of the stake sale.
"Later the central bank, its chairman or its first deputy chairman, will announce the bank's plans," Medvedev said. "I mean the terms of privatization and its intensity."
Russia launched a privatization program earlier this year by selling 10% in the country's No.2 bank VTB for $3.3 billion.
On Monday, Sberbank head German Gref said the bank could float the shares in the second half of 2011, adding that the size of the stake would depend on the market conditions.
MOSCOW, March 23 (RIA Novosti)
Add to blog
You may place this material on your blog by copying the link.
Image Galleries: Yury Gagarin: A down-to-earth person
Infographics: The Linguistic Diversity of the Planet
During Vladimir Putin’s annual Q&A session some members of the Valdai International Discussion Club asked him several questions. How united is the West in its desire to punish Russia? Which EU countries are in favour of isolating Russia? Is this even possible? And what is going on in Ukraine?