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Gov't needs to reduce its share in Russia’s banking sector, says Central Bank

The head of the regulator noted that the government has a significant portfolio of shares in the banking sector

MOSCOW, December 18. /TASS/. The Russian government should reduce its share in the national banking sector, the Bank of Russia’s Chief Elvira Nabiullina said on Friday.

For its part, the regulator plans to withdraw from the capital of all banks it has stakes in, she added.

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"We believe that the state's share in the banking sector should be reduced. For our part, we are firmly committed to the course of withdrawal from the capital of the banks in which we participate. The sooner we do this, the better," Nabiullina said during an online press conference following the meeting of the Board of Directors of the Central Bank.

The head of the regulator noted that the government has a significant portfolio of shares in the banking sector. She also said that the Cabinet adheres to the position that it is necessary to think strategically about reduction of the state's stake in the banking sector.

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