Forbes: Russia’s banking system has become more stable than that of the West, thanks to the actions of the Central Bank

MOSCOW, March 23 – RIA Novosti. Columnist Kenneth Rapoza commented that Russian banks appear to be more resilient than Westerners facing the crisis. forbes.

“Contrary to recent events with Silicon Valley Bank in the US and Credit Suisse in Switzerland, there has been no banking crisis in Russia. The ruble has strengthened and there are no queues of people rushing to withdraw their money.” the author wrote.

Rapoza sees the reason for the stability of the Russian banking system in the long-term work of the Bank of Russia, headed by Elvira Nabiullina. She noted that the Central Bank had previously eliminated “weak links” in the banking sector, thereby strengthening Russia’s financial position.

Also, the columnist referred to the well-known investor Jim Rogers, who stated that the fall in the ruble exchange rate during the implementation of the sanctions was only temporary, and the rate of the Russian currency rose in the future. “In this case, the market tells me that someone in Russia is doing something right,” Rogers said.

Previously, California state regulators closed Silicon Valley Bank, one of the twenty largest commercial banks in the United States. This was the largest bank failure in the United States since the 2008 financial crisis.