In March 2006 Sberbank of Russia has granted Belarusbank an uncovered credit line amounting to USD 2 mln. for the first time to finance documentary operations.
The establishment of this credit line reflects a high level of confidence of the largest Russian bank in Belarusbank and represents a strategically important step for strengthening Belarusbank’s position on the short-term operations and trade financing market. It will also contribute to more effective financing of foreign trade operations between Belarusian and Russian enterprises.
In 2005 the amount of foreign trade settlements of our bank’s clients with residents of the Russian Federation amounted to the equivalent of USD 220 mln. and increased by 28% compared to 2004.
At present the total amount of uncovered credit lines granted to Belarusbank by foreign financial institutions for documentary operations surpasses USD 220mln., 65% of these credit lines (USD 145 mln.) have been utilized.
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