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Report: Russia to inject more funds into Russian Agricultural Bank by year-end

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Report: Russia to inject more funds into Russian Agricultural Bank by year-end

State-owned JSC Russian Agricultural Bank could receive an additional 10 billion Russian ruble capital boost from the Russian government by the end of 2019, having already obtained 15 billion rubles earlier this year, Vedomosti reported Sept. 20.

The additional financial resources are set to come from funds earmarked for the lender in Russia's 2020 budget. The transfer of the funds is expected to be approved in October. The total value of financial support provided to the lender by the Russian state will reach 25 billion rubles in 2019.

The Ministry of Agriculture hopes the capital boost will help the bank expand lending to the Russian agricultural industry, the newspaper reported.

As of Sept. 20, US$1 was equivalent to 63.94 Russian rubles.