Cbank says mulls new measures to curb foreign currency crediting
MOSCOW, Apr 16 (PRIME) -- The central bank is considering putting additional restrictions on foreign currency loans by Russian banks, First Deputy Chairwoman Ksenia Yudayeva said on Monday at a banking forum.
УIt is very important for us to prevent a new set of currency risks in the system, so we are now discussing the reasonability of additional measures to restrict foreign currency lending,Ф she said.
Foreign currency debt in Russia is high as compared with other countries, but not excessive and demands no tough measures from the regulator. УStill, we would not like the industry to accumulate serious additional risksЕWe increased the risk weights before, may use some measures like that,Ф she said.
The overall credit risks in Russian banks is improving, and the share of bad loans excluding loans provided by banks that undergo bailouts shrank 0.5 percentage points to 8% over the past 12 months. The share of bad loans decreased in all sectors of the economy outside the real estate business and wholesale and retail, she said, adding that the share of bad loans is very high in construction.
The regulator believes that the Russian currency market is stable, as ruble volatility did not exceed its previous records, she said.
The latest Western sanctions against local companies proved maturity and stability of the Russian financial market. УVolatility grew at the asset market, but it did not disrupt activity of the markets, it created no uncontrollable changes,Ф she said.
The policy of the floating rate and measures to develop financial infrastructure helped the market prevent external shocks from transforming into risks for financial stability, she said.
The regulator has a wide range of instruments that may stabilize the situation at the currency market if necessary, and the authority is ready to use it, Yudayeva added.
The authority is satisfied with the policy of the rubleТs floating rate, but may interfere in the situation if it threatens activity of the currency market, she said.