Russia’s finance minister has unveiled a new tool for gauging Western investor confidence in the Russian economy during a visit to the New York Stock Exchange. Alexei Kudrin said Monday that the Russian Industrial Leaders Index (RUXX), calculated by Dow Jones & Company for all Russian companies listed overseas, would serve as an additional guarantee of their financial transparency.
“A very good new tool has been created on the New York Stock Exchange, which tracks the development of Russian business,” Kudrin told a NYSE news briefing. “The Russian stock market has posted strong growth in the past year. This goes to show that Russia has received a good mark from the [world] business [community] and that investment in Russian corporate shares has become very profitable.”
The minister said he was confident that the Russian share market would continue to grow.
Kudrin said he was certain that the RUXX index would draw more attention to investment in the Russian stock market, all the more so since starting in January 1, 2007, “Russia will lift all restrictions on the circulation of capital and the ruble will become a convertible currency.”