Add to favorite
 
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Banks to Provide Contingency Plans to Central Bank - Bill
20.10.2014 13:19
Banks to Provide Contingency Plans to Central Bank - Bill
Photo Credit: http://www.e-allmoney.com

Russian banks may be forced to provide stress test scenarios and recovery plans to the Russian Central Bank, according to a bill by the Russian government.

      The Russian banking industry has been hit hard by the current recession, a cut in consumer demand, bad debts and restrictions imposed on sources of funding as part of international sanctions.

      Earlier, Russia-IC reported that the government said it was not going to support the national currency and does not expect oil prices to go as low as $60 per barrel, says the Finance Ministry.

      The rouble registered a new low against the dollar amid tough sanctions, uncertainty in Ukraine and the Yevtushenkov case involving Bashneft’s stocks.

      The country could lose up to $50 billion, or 4 percent of GDP, due to sanctions and a drop in oil prices.

      According to a report by Russia’s Finance Ministry, the geopolitical events would cost Russia 2 percent.

      Maxim Oreshkin, head of the long-term strategic planning department, said the economy’s response to external shocks was surprisingly soft.

      Russia sparked a wave of criticism after it incorporated Crimea into its territory following a referendum on the peninsula with a large ethnic Russian population.

      The US and the EU imposed a raft of sanctions on Russian officials and individuals with close ties to the Kremlin.

      The US also put space and military cooperation on hold, followed by some of its NATO allies, including the UK.

       




Author: Mikhail Vesely

Tags: Russian banks     

Next Previous


You might also find interesting:








Comment on our site


RSS   twitter      submit



TAGS:
Kaliningrad Region  Valery Gergiev  Russian scientists  Russian science  Russian business  Russian monarchy  skiing in Russia  VDNKh  Krasnoyark Territory  investment  Russian Bells  fashion designer  Exhibitions in Moscow  Rock Festivals  invest  Russian International  Urals  Ust-Poluy  Flood in Khabarovsk   Russian tourism  Vladimir Lyubarov  Russian mobile operators  airport transfer in Russia  Arkhangelsk region  Medieval Music  Roman Abramovich  Russian festivals  Sports  accomodation in Russia  Russian vodka producers  Silver Gate  Russian Cinema  MGIMO   Adidas  Rachmaninov International Music Contest  plant physiology  Legal Services in Russia  Russian religion  Russian economy  International Week of Conservatories  Anatoly Granov  Mercedes-Benz Fashion Week Russia  Moscow  Norilsk Nickel  Alexander Suvorov  Active Travel  St. Petersburg  astronomy  Mariinsky theatre  Russian futurists 


Travel Blogs
Top Traveling Sites