Central Bank Governor says banking sector’s capital cushion estimated at over $60 bln

Business & Economy September 29, 2023, 11:54

Elvira Nabiullina added that the reasonability of creating a fund to support the banking sector is being discussed

SOCHI, September 29. /TASS/. The Bank of Russia estimates the stock of capital of the banking sector at 6 trillion rubles ($61.8 bln), the regulator’s Governor Elvira Nabiullina told a forum.

"We currently estimate the stock of capital overall in the banking sector at 6 trillion rubles," she said, adding that this estimate does not include exemptions.

The Central Bank continued discussing the creation of a fund to support Russia’s banking sector, Nabiullina noted.

"We continue discussing the reasonability (of creating) a fund to support the banking sector," she said.

"Each bank has its own buffers, but we believe that in the event of shocks such stocks, collective capital buffers are required for the banking system in general and such buffers may be used if banks face difficulties. They may be used as early warning mechanisms," the regulator’s chief explained.

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