Russian financial system robust against significant fluctuations on markets - Yudaeva
MOSCOW. March 10 (Interfax) - The Russian financial system is robust in the face of significant fluctuations on markets, Russian Central Bank First Deputy Governer Ksenia Yudaeva said on the Rossiya 24 TV channel on Tuesday.
"Indeed, in recent days instability on the global financial markets has grown stronger. Yesterday there was a big drop; today we're seeing a certain rebound since the morning. Needless to say, what's worrying everyone is: what's going to happen with the Russian financial system? How stable is it?" Yudaeva said.
"In recent years, we have pursued a policy to make the Russian financial system more robust. Now there are no unreservedly weak banks on the market. The banks built up reserves and capital, and liquidity. We continuously carry out analysis of the Russian financial system's stability against different types of external fluctuations, and our analysis shows that the system should be robust," she said.
"Apart from that, as regards the macroeconomics on the whole, the level of stability has risen substantially there too. We entered this year with low inflation. We have a fiscal rule in place that protects the budget from oil price fluctuations. There are significant reserves put aside in the budget that allow that to be done. That aside, the level of debt declined in recent years, and neither banks nor companies currently have any significant debt payments; therefore, essentially, the system is quite robust," Yudaeva said.
"We carry out stress testing; we do it regularly. Both stress testing of the banking system and stress testing of non-banking financial institutes. This shows resilience to significant fluctuations on the financial markets," she said.