Oops! Russian state bank VTB almost loans poor African country six times its GDP by mistake

The Central African Republic (CAR) could have landed windfall on Tuesday after Russian state bank VTB reported it had almost lent the country $12 billion by mistake. The sum is over six times the country’s gross domestic product. The loan was mentioned in a quarterly VTB financial report published by the Central Bank of Russia and seen by Reuters. However, VTB insists it was a technical error and that no such loan was provided to the African country. “VTB bank has no exposure of this size to CAR. Most likely, this is a case of a technical mistake in the system when the countries were being coded,” the lender said in a statement sent to Reuters. It didn’t detail who was responsible for the mistake or how such a large figure could have been published without being spotted.

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