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Gov't adopts banking sector development strategy
RBC, 05.04.2005, Moscow 13:54:06.The Russian government has adopted the banking sector development strategy, deputy PM Alexander Zhukov has told journalists. He elaborated that the government viewed the banking sector development as one of the most important driving forces for the country's economic development at large. The deputy PM also informed that the government and the Central Bank would henceforth be taking joint steps to consolidate the banking system. Zhukov observed that when implemented, the strategy would permit banking assets to GDP ratio to be increased from 42 percent (as of early 2004) to 56-60 percent, the bank capital to GDP ratio from 6 percent to 7-8 percent, and the ratio of credits extended to non-financial institutions to the GDP would be raised from 18 percent to 26-28 percent. With the targets achieved, the banking system would grow stronger, more active and stable.
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