Gref expects recession of the Russian economy in 2016

MOSCOW, December 9. The head of Sberbank German Gref expects recession of the Russian economy in 2016. He stated that in the Federation Council.

“In 2016 the economy will be in recession, the economy will degrade. Unless a new reversal from the point of view of reforms, the economy will deteriorate,” he said.

“What you need to bring the economy? The crisis requires systemic changes in all sectors. Every day of delaying the reforms prolongs the crisis. This reform state government,” Gref said.

Gref also noted that about 10% of Russian banks lose licenses in 2016. “About 10% of the banks will lose the license next year. Capital adequacy ratio at a low 13%. The banking system must remain in the zone of close attention,” he said.

Rate CBR can achieve the pre-crisis level

The head of Sberbank also noted that the rates of the Bank of Russia in 2016 will continue to decline and may reach pre-crisis level.

“The key rate of the Central Bank will continue to decline – may be below 10 percent, and rates may reach pre-crisis level,” he said.

Gref also noted that in the banking sector now has a surplus of liquidity.