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  Wednesday, August 5, 2020
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The Russian banking industry has sufficient liquidity for all settlements
The Russian banking industry has sufficient liquidity for all settlements and crediting, despite the ongoing global financial crisis, First Deputy Prime Minister Igor Shuvalov said on Sunday.

"At the current moment we understand that cash, which has been provided to the banking sector, is sufficient and the banking industry has enough liquidity to carry out both settlement operations and provide credits," Shuvalov said.

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 financial market to shore up its liquidity.

Shuvalov urged Russian banks to provide financial aid to auto-making, the defense and industry complex, construction and retail trade.


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