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. Last Updated: 07/27/2016

Audit Exonerates Bank

MOSCOW -- A preliminary version of a long-awaited audit into how the Central Bank's foreign subsidiaries managed Russian reserves has not uncovered any evidence of wrongdoing, Central Bank chief Viktor Gerashchenko told Vremya MN on Tuesday.

He admitted that the Central Bank's daughter structures abroad had used funds to invest in Russia's state treasury bills "from time to time," but said that these operations were "insignificant."

The release of the next $640 million IMF tranche to Russia is conditional on the audit's findings.