Saint-Petersburg, July 1 — Elvira Nabiullina, the Governor of the Bank of Russia, announced at the International Financial Congress that Russia’s financial sector is unevenly developed, as most of the assets are controlled by banks.
Ms. Nabiullina estimates bank assets to exceed 100% of Russia’s GDP (over 80 trillion rubles — Lenta.ru). According to the Governor, credit financing currently prevails in Russia, while debt financing (for instance, through bonds) and equity financing are not so well developed.
The Bank of Russia prepared a special program, designed to help the financial sector develop in a more balanced way. The program is based on the cross-section approach that will support all areas of the financial market.
Consumer protection is another big problem of Russia’s financial market. Consumers suffer from illegal creditors, while official players abuse the rules as well. Ms. Nabiullina emphasizes that financial products will become only more complicated, that’s why they need to stay transparent for the customers and respond to their needs.
The Bank of Russia expects the earnings of the banking sector to exceed 500 billion rubles in 2016.
In 2015 the earnings of Russian credit organizations equaled 192 billion rubles, while a year prior to that it reached the level of 589 billion rubles.