Nabiullina reported on the completion of the “spring cleaning”
The volume of illegal withdrawal of funds from Russia has decreased over the past 4 years by 9 times, cash withdrawals by 2,5 times.
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The head of the Central Bank, Elvira Nabiullina, announced this today in the State Duma of the Russian Federation.
“In 2013, 1,7 trillion rubles were withdrawn, in 2016 – 183 billion rubles. In the first quarter of this year, the numbers continue to decline,” Nabiullina said.
She believes that the removal of banking markets that served the shadow economy helped Russia survive the blow inflicted by international sanctions.
“One of the evidence of the positive results of the ongoing policy is the preservation of the stability of the banking sector during the difficult period of 2014-2015. By that time we had already gotten rid of many weak players. As a result, we did not have a domino effect when the problems of some banks could spread to others,” Nabiullina said.
She compared the process of revoking banking licenses to spring cleaning.
“The path we have taken allows us to say that the period of general cleaning of the banking sector is over, and we can move on to the usual practice of maintaining cleanliness and order,” Nabiullina said.
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