Finance News

Russian banks are becoming more reliable

International rating agency Standard & Poor's raised the reliability of the Russian banking system, moving into a higher group reliability 7.

In this decision the agency attributed the maintenance of adequate levels of liquidity of the Russian banking system during the global financial crisis. Government and regulatory bodies positively affect the stability of the banking system.

Standard & Poor's divides the reliability of banking systems in 10 groups. Five years ago the Russian banking system was in the ninth group, with such countries as Guatemala, Tunisia and Uruguay. In 2007, the agency moved Russia in the eighth group, which included Argentina, Egypt, Indonesia, Morocco and Kazakhstan. Justifications - sustained economic growth of Russia, a significant level of liquidity and increasing diversification of banking business.

Date: 07.08.2008 [ID: 183]

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