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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     

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