Russia does not need foreign loans any more: Putin

Moscow, June 13 (UNI) Russian President Vladimir Putin today said the foreign reserve exchange this year may exceed the combined government and private debt and his country needed no further loans.

''We no longer need foreign loans. Moreover, this year Forex reserves may exceed the size of the combined government and private foreign debt. We are repaying our foreign debts on time and even ahead of schedule,''Mr Putin said in his opening remark at the 10th St Petersburg Economic Forum.

He was referring to the continuously rising Russia's gold and foreign currency reserves which stood at 247 billion dollars on June 2, up from 243.3 billion dollars on May 26.

The accumulated investment in Russia had reached 112 billion dollars, he added.

''We are also seeking approaches to the solution of the problem and believe that our economy must be transparent and open to the utmost. The restrictions for foreign investors required by national security should also be transparent,'' Interfax news agency quoted Mr Putin as saying.

UNI XC AK KN1740