02:31 GMT04 June 2020
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    Russian authorities financial policy performs well amid current challenging economic conditions.

    WASHINGTON (Sputnik) — The Russian authorities managed to keep the country’s banking system stable amid challenging economic conditions by introducing new regulatory measures, the International Monetary Fund said in a press release on Thursday upon concluding a mission to Moscow.

    "Against the background of a challenging macroeconomic environment, the banking system has been kept stable by the authorities’ decisive policy response, which included liquidity provision, capital support and temporary regulatory forbearance," the press release stated. 

    The Russian authorities should look into diversifying and deepening the country’s financial sector to ensure a strong growth of the economy, according to the International Monetary Fund report:

    "Over the medium and longer terms, the diversification and deepening of the financial sector are priorities to support strong and sustainable economic growth".

    The IMF underscored that the Russian government needs to take comprehensive measures "to raise financial inclusion and the efficiency of the highly concentrated and mostly state-owned banking system."

    The IMF noted that the Russian authorities have also achieved "considerable progress" in establishing an effective policy framework to mitigate the systemic risk of the financial system.

    The IMF’s Financial Sector Assessment Program Mission visited Moscow during March 15-30, and met with the Central Bank of Russia Governor Elvira Nabiullina as well as with other officials.

    The IMF and Russia’s financial sector representatives discussed ways to make the banking system stronger as well as improve its resilience, according to the press release.

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    Tags:
    banking, regulation, economy, International Monetary Fund, Elvira Nabiullina, Russia
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