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Governor of the Central Bank of the Russian Federation Elvira Nabiullina at the International Exhibition and Forum “Russia” at VDNH

Nabiullina: Russian banking system is healthy and capable of helping the economy

MOSCOW, November 4 – RIA Novosti. Speaking at the training marathon organized as part of the Russia exhibition, the head of the Central Bank of Russia, Elvira Nabiullina, said that the Russian banking system is absolutely healthy at the moment and has the capacity to help the economy.

“We had to revoke a lot of licenses to improve some banks, which caused significant resistance, but the banking system is now absolutely healthy,” the regulator’s chairman said.

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He reminded that in the 90s, incompetent and often “unscrupulous” people entered the banking system due to very simple regulations.

“Because it was very easy to collect money from people abroad and then withdraw it to your pocket. Unfortunately, there were such banks, there were also criminal bankruptcies. There were also very weak banks that did not have their own capital. And of course, it was necessary to clean the banking system from such banks, because the banking system was the most important part of the economy. is the circulatory system,” Nabiullina said.

In total, since 2013, the Bank of Russia has withdrawn 452 unscrupulous and unviable banks from the market, and 15 players have undergone financial rehabilitation.

Nabiullina concluded: “The health of the banking system has led us not to allocate money in recent years; on the contrary, the banking system itself has helped the economy, restructuring loans to both individuals and companies.”

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Source: Ria

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