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08:38 GMT +3 hours22 December 2014
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Russian government to take new measures to fight credit crunch

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The Russian government is drafting new measures to fight the credit crunch amid the ongoing global financial crisis, First Deputy Prime Minister Igor Shuvalov said on Sunday.
MOSCOW, October 26 (RIA Novosti) - The Russian government is drafting new measures to fight the credit crunch amid the ongoing global financial crisis, First Deputy Prime Minister Igor Shuvalov said on Sunday.

"We believe that measures, which have been taken for the first stage, are sufficient and we have an entire range of tools for action. We can respond effectively, flexibly and swiftly. For subsequent actions, we are drafting a special program," Shuvalov said, adding that the program would be adopted in the next few weeks.

Russia has been hard-hit by the global credit crisis, which has toppled Western banks and pushed developed economies toward recession. The country's stock markets have lost around two thirds of their value since their May highpoints, amid declining oil prices and other investor concerns.

Russia's government and Central Bank have recently taken urgent measures to pump billions of U.S. dollars into the domestic stock market to shore up the liquidity of leading market makers.

The Central Bank has also granted $50 billion in subordinated loans to Russian companies and banks through the country's national development vehicle, Vnesheconombank, to help them refinance their foreign liabilities.

Starting from October 20, the Central Bank has been holding unsecured loan auctions for a large group of Russian banks to help the domestic banking system cope with a shortage of cash.