Source Pravda.Ru

Russian banking system back to full strength after crash

Chairman of the Russian Central Bank Sergei Ignatyev has announced that the country's banking system has completely recovered from the aftereffects of the 1998 crisis.

While appearing at a conference, "Russia: Reforms and Market Growth," he said that the banking system had recovered quite quickly and that GDP indices were continuing to grow.

According to Ignatyev's information, the aggregate capital of banks stood at about 5% of the nation's GDP at the start of 2002. Loans to the real sector of the economy also increased.

Sergei Ignatyev said that the Central Bank was focusing on enhancing its supervisory role and liberalising currency regulation and control.

According to him, intensive work is currently being carried out on a law to guarantee bank deposits. The main aim of the law would be to encourage competition on the banking market that would then lead to an increase in ordinary people making deposits.

Ignatyev also pointed out that the Central Bank had a considerable advantage in this area, as it has the necessary state guarantees that could not be taken away.

Several years ago, a prominent Indonesian businessman who now resides in Canada, insisted on meeting me in a back room of one of Jakarta's posh restaurants. An avid reader of mine, he 'had something urgent to tell me', after finding out that our paths were going to be crossing in this destroyed and hopelessly polluted Indonesian capital.

Capitalism reduced Indonesian cities to infested carcases

Presidential candidate Ksenia Sobchak, who was accredited for the press conference by Vladimir Putin from Dozhd (Rain) television channel, asked Putin about competition at the coming election

Putin to Sobchak: We will never let them turn Russia into another Ukraine
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