Ulyukayev: Russian banks have excessive levels of debt in the currency

MOSCOW, 5 February. Russian banks have excessive levels of debt in foreign currency, you need to resolve the issue, said the Minister of economic development Alexei Ulyukayev at the 15th Congress of the party “United Russia”.

“Now the banks have an excess of monetary liabilities. Necessary measures to this excess to be removed,” he said.

The plan to support the economy

The Minister also noted that the plan to support the economy in terms of structural reforms will be implemented in the medium term is approximately 3 years.

“The second block is a set of measures – regulatory, structural, which do not require current funding, but a decision on which will create a favorable environment for sustained economic growth in the medium term. Most of the measures in the second block, and the measures we will implement over approximately the medium term (3 years – approx. ed.),” he said.

He recalled that the plan will consist of two blocks. The first block provides the dynamic response to the changing situation, which creates problems for certain sectors of the economy such as automotive, railway engineering, light industry and so on. “This very concrete set of measures, each of which will be determined by specific financial source,” he said.

Unlike anti-crisis plan of the government in 2015, the plan to support the economy will mainly consist of financial investments in banks and enterprises, and measures to stimulate economic growth over the long term. In particular, the government’s plan will include measures to support small and medium businesses, whose share in GDP is expected to grow twice by 2030. Most of the measures of the plan does not provide for additional budget expenditures. The need for a plan was due to the downturn in the economy due to a sharp fall in oil prices.

To balance the level of foreign currency debts of banks

He stated that bonds denominated in the currency that can balance the level of foreign currency debts of banks.

“Quite a large amount of foreign exchange liabilities of the banks. And now can be considered a variety of measures. In particular, the proposal of the special currency denominated bonds in order to balance these liabilities,” said he.