Russian bank: we assigned $12 billion ‘loan’ to poor African state by mistake
29 Nov 2018

The impoverished state of Central African Republic landed a windfall on Tuesday, at least on paper, when Russian state bank VTB reported it had lent the country $12 billion — but the bank then said it was a clerical error and there was no such loan.

The loan was mentioned in a quarterly VTB financial report published by the Russian central bank. The report included a table listing the outstanding financial claims that VTB group had on dozens of countries as of Oct. 1 this year.

In the table next to Central African Republic was the sum of 801,933,814,000 rubles ($12 billion) — more than six times the country’s annual economic output.

– By Tatiana Voronova, Elena Fabrichnaya, Reuters, 27 November 2018.

Link to Reuters.

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