Euroset converts Alfa Bank loan into local currency

Russian mobile phone specialist Euroset has converted 70% of its debt to Alfa Bank from US dollars into Russian roubles. The retailer has also repaid part of its RUB3.9 billion (USD124.6 million) loan to the bank. The move is in line with Euroset’s financial strategy to diversify currency risks. Dmitry Milstein, Euroset Chief Financial Officer, said: "We see significant risk in the liquidity crisis on the banking market expected in Russia in mid-2012. Therefore, we took action to reduce the level of our business dependence on bank loans."