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Russia’s Central Bank chief says recovery of banking system will take 2-3 years

March 28, 11:39 UTC+3

According to the regulator's chief Elvira Nabiullina, Russia’s banking sector faces no systemic risks and has a safety buffer

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MOSCOW, March 28. /TASS/. The recovery of Russia’s banking system is the key priority for the Central Bank, the regulator’s chief Elvira Nabiullina said Tuesday, adding that the process will take another 2-3 years.

"The key priority for the Bank of Russia is to get rid of unscrupulous, unstable and, unfortunately, often illegal players. We plan to complete the recovery procedure within 2-3 years," she said, adding that "by this time the withdrawal of a banking license will turn into an extraordinary thing."

According to Nabiullina, Russia’s banking sector faces no systemic risks and has a safety buffer.

"Overall, the banking sector has no systemic risks, there is a safety buffer and potential to boost lending," she said.

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