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Russia’s Central Bank rules out collapse of country’s banking system in near future

Russia’s Central Bank rules out collapse of country’s banking system in near future

MOSCOW (Sputnik) – Russia’s Central Bank does not expect any severe shocks on the country’s banking market in the foreseeable future, the bank’s First Deputy Governor in charge of monetary policy Dmitry Tulin told reporters on Tuesday.

“We do not expect any shocks in the banking sector of the economy in the foreseeable future,”

Tulin said.

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The Central Bank said earlier on Tuesday it had launched bailout procedures for Otkritie Bank and had appointed a temporary administration to manage the country’s largest private lender from August 29.

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