23.03.2023, 09:44
The actions of the Central Bank have made the banking system of the Russian Federation more stable
Source: OREANDA-NEWS
OREANDA-NEWS The actions of the Central Bank of the Russian Federation have led to the fact that the Russian banking system, despite the sanctions imposed, looks more stable compared to the current situation with banks in the West. This opinion was expressed on Wednesday by Forbes columnist Kenneth Rapoza in a published article.
In his opinion, Western sanctions have affected the work of Russian banks, in particular, it has become "almost impossible" for Western representatives to do business with financial institutions of the Russian Federation. "However, there was no banking crisis in Russia similar to the one we faced with Silicon Valley Bank in the USA and Credit Suisse in Switzerland," Rapoza stressed.
He believes that the stability of the banking system of the Russian Federation was promoted by the policy of the head of the Central Bank Elvira Nabiullina, who over the past decade has taken measures that led to the closure of a large number of "weak private banks". Rapoza also pointed to the strengthening of the ruble.
On March 10, the California Department of Financial Protection announced the bankruptcy of Silicon Valley Bank, the 16th largest bank in the United States. One of the leading creditors of Silicon Valley enterprises went bankrupt in less than two days. This was the largest bank failure in the United States since the 2008 financial crisis. On March 19, the Swiss National Bank announced that the largest Swiss bank UBS will acquire Credit Suisse, which found itself in a difficult financial situation due to the outflow of customers. On Monday, Credit Suisse shares fell by 63.7% at the opening of trading on the Zurich stock exchange, while UBS shares fell by 8.77%.
In his opinion, Western sanctions have affected the work of Russian banks, in particular, it has become "almost impossible" for Western representatives to do business with financial institutions of the Russian Federation. "However, there was no banking crisis in Russia similar to the one we faced with Silicon Valley Bank in the USA and Credit Suisse in Switzerland," Rapoza stressed.
He believes that the stability of the banking system of the Russian Federation was promoted by the policy of the head of the Central Bank Elvira Nabiullina, who over the past decade has taken measures that led to the closure of a large number of "weak private banks". Rapoza also pointed to the strengthening of the ruble.
On March 10, the California Department of Financial Protection announced the bankruptcy of Silicon Valley Bank, the 16th largest bank in the United States. One of the leading creditors of Silicon Valley enterprises went bankrupt in less than two days. This was the largest bank failure in the United States since the 2008 financial crisis. On March 19, the Swiss National Bank announced that the largest Swiss bank UBS will acquire Credit Suisse, which found itself in a difficult financial situation due to the outflow of customers. On Monday, Credit Suisse shares fell by 63.7% at the opening of trading on the Zurich stock exchange, while UBS shares fell by 8.77%.
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