The IMF called “stable” the Russian banking system

Russia’s banking system remains stable because of “strong policy”, according to a release by the International monetary Fund (IMF) following the joint mission of experts of the Fund and the world Bank (WB) in the framework of the financial sector assessment (FSAP).

“Against a difficult macroeconomic environment, the banking system remained stable thanks to strong policy responses of the authorities, which included the provision of liquidity, capital support and the waiver of the application of compulsory measures of regulation”, is spoken in the message of the IMF.

In the release of the Fund also noted that the representatives of the financial sector assessment discussed with officials “action designed to make the banking system stronger and more resilient to risks of slowing growth.”

In October last year the head of the Central Bank Elvira Nabiullina promised that the Central Bank will continue to strengthen supervision in the banking sector. “I wouldn’t call it mopping up, it is rather the recovery of the banking sector, the deliverance of the weak players”, she said.

In late February of this year the first Deputy Chairman of Bank of Russia Alexey Simanovsky has informed that the main work on clearing the banking sector should be completed by 2018. “I think within a couple years we can handle it, most of the work done in 2014, 2015, and will build in 2016 will probably be something for 2017”, he claimed.