IMF: Russian banking system stable due to decisive econ measures

MOSCOW, Mar 31 (PRIME) -- The decisive steps in response to the economic challenges have ensured stability of the Russian banking system, the International Monetary Fund (IMF) said in a report on Thursday.

The IMF earlier completed a mission to Russia to assess the strengths and difficulties in the financial sector.

Provision of liquidity, capital support and a temporary suspension of restrictive measures helped authorities in stabilizing the banking system, the fund said.

Extension of the central bank’s scope of authorities has resulted in more sustainability of the financial sector. There has been a significant progress in establishment of a basis for the macroprudential policy. The toolkit of this policy must be extended, the IMF said.

The Russian financial sector must become deeper, more diversified and more accessible to people, this must become the priority for authorities, according to the statement.

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