The second wave of the crisis has been canceled

The second wave of crisis otmenyaetsyaVtoroy wave of the financial crisis will not happen. In this I am sure the Chairman of the Central Bank Sergey Ignatiev. In his view, the most acute phase passed, and in the coming months, will resume "even and slow, but growth in the economy." He made this statement today at the congress of the Association of Russian Banks (ARB). Thus, the head of the Central Bank did not agree with the opinion of the Minister of Finance Alexei Kudrin, who is considering the possibility of a second wave of crisis in the banking system caused by non-credit.

As found with Ignatyev, the problem is indeed serious, but in his view, the banks operate reasonably well and quite quickly build up reserves for possible losses on loans. " In addition, growth of overdue debts are based on extrapolation of past trends. At the same time, the level of arrears is directly dependent on the financial situation in the real sector of the economy. Implicitly, it is assumed that the financial situation of the real sector would continue to deteriorate, but this is not true, said the head of Bank of Russia.

Sergei Ignatiev recalled that "world oil prices stabilized at a level higher than our forecast of $ 41, as well as complete devaluation of the ruble, which is unlikely to go beyond the upper bound of the corridor bivalyutnoy established his authority. "Russian producers have received a competitive advantage compared to foreign. From November 2008 to March 2009 the real effective exchange rate decreased by 13.6%. The benefits to banks of foreign exchange as compared to lending to the real sector is questionable. The situation with ruble liquidity normalized. Interest rates on the interbank market declined. And finally, last: Government measures to support the real sector will necessarily effect "- has assured the head of Tsetrobanka. He also reported on the possibility to reduce the refinancing rate from the current level of 13% as the slowing of inflation.

utro@utro.ru (Peter Stravinsky)
News comes from utro.ru