The Russian economy will continue to suffer from the negative consequencesof the global crisis for one more year, before it will make a turnaround for the better, Central Bank Chairman Sergei Ignatiev said. “I see our major tasks in successfully overcoming the consequences of the crisis, which will still linger on for at least one more year, and also the restoration of banks’ ability to grant loans and improvement of bank regulations.”
Ignatiev also noted the importance of learning all the necessary lessons from this crisis. “We already know what needs to be done. However, we are not implementing all measures because it is crucial to do so at the right moment, for instance, so as not to strengthen banking requirements at a time, when most financial institutions are still not very sound.”
Web design,