| | ECONOMIC OVERVIEW OF THE REPUBLIC OF DAGESTAN |
 | | Dagestan suffered greatly after the breakup of the Soviet Union, with nearly all of its economic enterprises suffering great declines in production as supplier relationships were disrupted and consumption all but disappeared in some cases. |
 | | Dagestan at this point produces only about 310,000 tons of oil and 715 million cubic meters of natural gas per year; however it has recoverable reserves capable of much increased production, and has been open to discussions of their development with both domestic and foreign companies. |
 | | Dagestan’s two tier banking system is represented by the National Bank of Dagestan and the Central bank of the Russian Federation on one level and about 60 commercial banks functioning in the Republic –; these last have 30 of over one hundred branches located outside Dagestan. |
| www.russiancouncil.org /reports/dagestan1.htm (2007 words) |