Washington, 8 May 1997 (RFE/RL) - Russia's fledgling stock market grew at the second fastest rate among all the world's markets last year, according to a ranking by the International Finance Corporation (IFC).
The IFC says Russia's five-year old market recorded a growth of 156 percent in its capitalization, which is the total number of shares sold multiplied by their price. Bangladesh was the fastest growing in 1996 at 196 percent.
Russia's "banner year" stock market capitalization was over $37 billion, well ahead of regional rivals such as Turkey (with $27 billion) and Greece and the Czech Republic at $20 billion each.
Hungary, China, Lithuania and Poland were also in the top ten listing of stock market growth in 1996.
The IFC, the World Bank affiliate which deals with the private sector, says that 1996 saw emerging markets post their first positive returns in three years, rising 5.8 percent.