Official speaks about Russian banking system

It will take some 2-3 years for the Russian banking system to strengthen some positive tendencies in its development, Central Bank Deputy Chairman Oleg Vyugin voiced his opinion today at a banking conference devoted to the banking capital in regional economies.

He pointed out that first of all the Central Bank was planning to work out measures aimed at efficiently supervising the banking system. Vyugin believes that a strict policy of supervision will help the Russian banking system conduct more efficient activities. The Central Bank tries to bring more transparency to banking activities, which could attract more investments in the sector, he added.

Vyugin also noted that the new law on insuring banking deposits would reduce the monopoly of Sberbank on the market of banking deposits and increase competitiveness of commercial banks.

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