Home / Banks / Russia by mistake has issued the Central African Republic a loan of 12 billion dollars

Russia by mistake has issued the Central African Republic a loan of 12 billion dollars

РФ по ошибке выдала Центрально-Африканской республике кредит в 12 млрд. долларов

One of the poorest countries in the world — Central African Republic (CAR) on Tuesday suddenly became richer at least on paper, when the Russian Central Bank announced that the Bank lent the country $12 billion.

VTB called the data of the Central Bank “operational error,” saying the absence of such credit.

Data on loan appear in the quarterly financial report of VTB published by the CBR. The report includes a table that lists the financial requirements of VTB in respect of top ten countries as of October 1 of the current year. The CAR opposite the table shows the amount 801.933.814.000 rubles ($11,99 billion), more than six times higher than the annual GDP of the country.

In response to the request of Reuters, VTB said that such a loan does not exist.

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“VTB Bank has no exposure this volume in the CAR. Most likely, we are talking about an operating System error when encoding countries,” — said the press service of VTB in response to a Reuters query.

The Bank has not announced who is to blame for the error and as such a huge sum could appear in the report unnoticed.

Press Secretary of the government of the Central African Republic said it has no information about the credit, but noted that its size is so large compared to GDP, the data do not look reliable.

“We have no such information. However, it does not seems plausible because the $11 billion debt exceeds the capabilities of the CAR”, — told Reuters ange Maxim Kasagi.

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“We are members of the IMF (International monetary Fund). When a member of the IMF wants to take credit… he should discuss this with the IMF.”

Of the data controller implies that the Russian state Bank VTB or its subsidiaries allocated to borrowers in the Central African Republic (CAR) loan of $12 billion in the third quarter of this year.

Data do not indicate who was the recipient of the loan, what was its purpose when it was issued, and on what terms.

The CAR population is five million people, a GDP of $1,95 billion, follows from the data of the world Bank.

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