Wednesday , September 28 2022

Russian bank bounced for giant loans to CAR News


central African Republic The poor country of the Central African Republic (CAR) got a really good gift from above on Tuesday when the state Russian bank VTB announced that it borrowed the equivalent of 109 billion kronor to the country. But that was not true, because soon the bank clarified that there was no loan and that it was due to a typo in a table of countries with which the bank lent money.

"VTB has no such high exposure in any foreign country. Most likely, this is an operational mistake in the system when the countries were coded," writes VTB in a statement.

If the CAR government's financial managers had seen the issue of the big loan, they probably had a clue on their eyebrows. The sum is more than six times as high as the country's GDP.

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