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. Last Updated: 07/27/2016

Bank Official Visits

MOSCOW () -- Caio Koch-Weser, the senior figure in the World Bank with special responsibility for Russia, is paying his first visit to the country this week, a Moscow-based World Bank official said Monday.

In St. Petersburg on Monday, Koch-Weser, one of the bank's four managing directors, viewed housing projects financed by the World Bank.

Koch-Weser, one of the Bank's four managing directors, arrived in Moscow on Saturday and visited the site of an oil spill near Usinsk, where the World Bank has contributed $99 million for a clean-up and repair operation.

Instead, the bank guarantees that it will maintain $1 in its reserves for every 4 litas in circulation, freezing the exchange rate at that level.