Bank of Russia sees no need to introduce extra measures to support banks

TASS Russian News Agency | Oct 23, 2020 at 6:13 PM

MOSCOW, October 23. /TASS/. The Bank of Russia constantly monitors the situation in banks and does not yet see the need to introduce additional measures to support them, head of the regulator Elvira Nabiullina told an online press conference.

"We are extending the benefits that allow banks to continue restructuring loans until the end of the year, and create reserves for loans from large borrowers until April 1 and until July 1 - for small and medium-sized businesses. This was one of the most needed measures. We will continue to see how the situation will develop. The rest of the measures were less in demand.

Now we do not see the conditions that would force us to reintroduce them," she said.

The head of the Bank of Russia added that the regulator will continue to analyze the situation in the banking sector and, if necessary, will make the required decisions quickly enough.

In the second half of March 2020, amid the coronavirus pandemic and a sharp decline in oil prices, the Bank of Russia implemented a set of measures aimed at maintaining the stability of the financial sector and lending to the economy, protecting the interests of those affected by the pandemic and making payments available to the population. Most of these measures were taken for the period from March 1 to September 30, 2020. In August, the regulator announced the extension of some of the measures until the end of 2020.