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Russian Central Bank Clears Financial Services Market of Undesirable Players

© Sputnik / Natalia Seliverstova / Go to the mediabankCentral Bank of Russia
Central Bank of Russia - Sputnik International
Russia's Central Bank has flushed a number of dubious companies and weak players out of the financial services market in an effort to drive economic recovery, Russian President Vladimir Putin said Thursday.

MOSCOW (Sputnik) — He also called on the government and the Central Bank to jointly consider options for developing the Russian financial services market.

"Because of the consistent and vigorous work of the Central Bank, the banking system is being cleared of companies that breach the law, violate clients' rights and conduct dubious financial operations. Many have left the market, at least the weaker players have," Putin said in his annual Federal Assembly address.

The president stressed that the process forms a solid basis for improving the health of Russia's economy and makes credit more available for the real sector.

"I count on the Central Bank and the government to jointly look into proposals for developing the financial market. Everything must be geared toward economic growth, while changes should not cause macroeconomic distortions and the creation of so-called bubbles in the economy," Putin said, stressing the importance of loans to small businesses and the development of a non-banking financial sector.

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