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Director of the Institute of Globalization Problems Mikhail Delyagin commented in an interview with Komsomolskaya Pravda daily on the revocation of licences from 20 Russian banks and their bankruptcy.
In his view, the new chair of the Central Bank of Russia, Elvira Nabiullina, showed to the banking community that the powers the Russian president vested her with allow acting toughly.
“Some our bankers seem just not to understand another language,” Delyagin believes. The Central Bank calms down people, saying that this is a natural market process and weak players are quitting it. But will the launched process evoke the domino effect?
Serious cleansing of the banking system should not be expected in 2014, the expert said with confidence. One or two major banks may be shut down, but the new chair of the Central Bank has already showed her strength. The banking community understood Nabiullina quite well.
A worsening market climate will certainly undermine the banking system and the whole Russian economy. But the banks are characterised with a major margin of safety. Notably taking into account that they became nearly the only industry protected quite well after Russia’s entry in the World Trade Organisation (WTO), the expert recalled.
Delyagin noted that a new 100 dollar banknote has not appeared in Russia yet, though it was stated about bringing it in circulation back in February 2011.
“There are some concerns that the United States will limit the circulation of new 100 dollar banknotes with the territory of the country. Old dollar banknotes can be found as “the criminal money” and annulled outside the country at any moment. This is the most suitable and legally correct procedure for the U.S. to reduce the country’s debts. This can be kept as a measure of last resort. Therefore, it is better to keep the cash dollars in 50 dollar banknotes,” the expert warned.
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