Russia's foreign debt shrinks as rouble weakens

Russia's foreign debt shrinks as rouble weakens

Russia’s total external debt shrank in the first quarter to its lowest level since 2009, the central bank said, posing few extra risks for the already battered rouble and helping Russia withstand coronavirus-related shocks.

Russia’s external state and corporate debt was worth $450 billion as of April 1, decreasing by the equivalent of $40.8 billion since the beginning of 2020 mostly because of its revaluation due to the weaker rouble, the central bank said.

Some of Russia’s debt is denominated in roubles and is classed as external debt if it is held by foreigners, Reuters reported.

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