18 Jun 2010 19:16

Medvedev calls for modernization of Russian banking system

ST. PETERSBURG. June 18 (Interfax) - President Dmitry Medvedev has said the Russian banking system needs to be modernized.

"We feel somewhat more confident today. Our economy needs long money, and our financial sector relevant modernization," Medvedev said at a meeting with senior managers of leading Russian and foreign banks in St. Petersburg on Friday.

"Domestic financial institutions should meet not only basic stability principles but also international requirements," Medvedev said. "These international requirements should be adjusted as well."

Mentioning agreements in the financial sector being concluded between the G20 leaders, Medvedev said: "Frankly speaking, none of us are satisfied with what we have done by now. Obviously, a significant part of this work is still ahead."

At the same time, Moscow has managed to make a number of important steps toward bolstering its financial sector, including the drafting of a plan to set up an international financial center in Russia, Medvedev said.