Tuesday, June 16, 2009

Russia will not shy away from dollar

Kudrin believes that in the coming years, the world's financial system will not change. The Minister of Finance of Russia believes that the dollar remains the global reserve currency. Russian reserves will be established on its basis.

Finance Minister Alexei Kudrin, Russia believes that in the next few years the global system has not changed. As RIA «News», vice-premier believes that the dollar will retain its status as a world reserve currency.

The crisis is not shaken the throne of the dollar
«Now on the other reserve currencies is too early to say. It is important to raise questions to ensure the stability of world currencies, but to say that we were waiting for substantive changes in the coming years too early », - Kudrin told journalists after a meeting of finance ministers of G8, which is held in Lecce, Italy.
The Minister noted that the U.S. economy remains one of the world's leading, fundamentals in the United States generally normal. «We, of course, working on the dollar and the market too», - Kudrin said, replying to the question is not whether Russia «away» from the dollar in the structure of its reserves and will be long the dollar reserve currency for Russia and for the world.
«It depends on the results of global crisis, but now I can say that on the basis of the economy, according to the results of the phase of the crisis, which has already passed, it is not shaken the foundations dollar», - concluded the head of the Russian Ministry of Finance.
Earlier, Kudrin told that Russia is not going to change the structure of investment reserves.

Kudrin beware forecasts
Replying to a question about the depth of the fall of Russia's GDP in the second quarter, Kudrin said that it will be less than the first, but more difficult to predict how much.
«This does not alter the fundamental assessment, just the situation remains complex», - Kudrin said, replying to a question, does it mean that the economic situation was even worse than the government expects. In the second quarter Minister predicts slowing down of the fall in GDP. «How many times - it is difficult to say», - said Kudrin.
Rosstat this week re-estimated the decline in GDP for the first quarter from 9.5% to 9.8%. Ministry of Economic Development will make to the Ministry of Finance revised makroprognoz for this year on July 15. As a working version of the Ministry, to the end of the year GDP could decline by 8%.

Stress tests are sufficient, but classified
The Minister of Finance told about the Central Bank of Russia conducted by the stress-test banks. He said that they are sufficient, but the results will not be disclosed. In this regard, he recalled the experience of the European Union, which also withdrew the directive did not disclose the results of stress tests.
«We do not expect to publish them. It is essential that the supervisory authority supervised fix all the problems and helped to raise the balance of the capitalization of banks », - concluded the head of the Ministry of Finance. «We talked to the" G "stress-testing as a necessary tool for improving the capitalization of the banking system and raise confidence in the banks studied the experience of the U.S. and the EU», - Kudrin added.
The Central Bank of Russia conducts stress tests since 2003 on the methodology agreed upon with the mission of the IMF and the WB. In Russia, the regulator is carrying out calculations, in contrast to the American method, where credit institutions are specified scenario conditions, they believe, and provide the results of regulatory authorities.
Bank of Russia previously conducted Stress-tests every six months, since the beginning of 2009 - a month. We expected the results of stress tests on 1 June.

Infoks

No comments: