In the next couple of years, Russia plans to close several dozen banks. Market participants arrived to this conclusion after the speech of CBR Governor Elvira Nabiullina. She said that the CBR plans to carry out policy for the recovery of the banking sector for another 2-3 years.
Within the framework of this policy, 358 financial organizations have lost their licenses for the past four years. Even during the most severe periods of financial crises, there were fewer bankruptcies in Russia. In addition, the Central Bank of Russia is carrying out the reorganization of three major banks - Otkrytiye, Binbank, and Promsvyazbank. They went under the management of the Banking Sector Consolidation Fund. "In the summer, we estimated that it would take probably two or three more years. …we will still be forced to revoke licenses a little more often than we should. After that, the revoking of banking licenses and bailouts will take place only in isolated and exceptional cases," Nabiullina said.
The official statement before the New Year should always include good news. Therefore, in the end of her speech, the CBR Governor addressed those who hunt for the new 200 and 2000 ruble banknotes. "I know that many people are keeping the notes as souvenirs. For now they are rare, even some stores are afraid to take them. For a while they will be rare, but there are no restrictions in their issue. Soon they will be a part of everyday use. So, storing them makes no sense," Nabiullina explained. Now Russians hope that in the new year the ruble bills remain real money and do not turn into souvenirs.
