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Confidence in Russian financial system remains — head of Bank of Russia

"A simple indicator is whether people bring money to banks," Elvira Nabiullina noted

ST PETERSBURG, June 6. /TASS/. Confidence in the Russian financial system remains, people bring money to banks, head of the Bank of Russia, Elvira Nabiullina, said at the St. Petersburg International Economic Forum.

"In general, trust in the financial system has been preserved. For example, in the banking system... A simple indicator is whether people bring money to banks. Of course, we have high rates, attractive deposits, but deposits have grown by 25%, over the year people brought 10 trillion rubles ($112 bln) into the banking system," Nabiullina said, noting that investor confidence in the capital market is also being restored after "the blow that was received due to sanctions."

"The growth of IPOs also shows this. Perhaps one can’t talk about an IPO boom, but there are more of them," she noted.

The St. Petersburg International Economic Forum (SPIEF) is held on June 5-8. This year’s theme will be "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World." Scheduled events include meetings for small and medium-sized businesses, creative industries, the SPIEF Youth Day, as well as the Drug Security, SPIEF Academy and SPIEF Junior forums. SPIEF is organized by the Roscongress Foundation. TASS is the information partner of the event.

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