Moody´s rating agency says the economic turmoil could seriously affect Russian banking.
The global rating agency changed its outlook for Russian banks from stable to negative over the coming 12 - 18 months, warning against a money deficit, lower credit growth and worsening quality of assets.
It`s worried about Russia`s reliance on energy, which makes it especially vulnerable to swings in global energy demand.
In terms of overall economic dynamics Moody`s says, "Russia`s real GDP growth will decelerate to 2.8% in 2012, from an estimated 3.8% in 2011."
Continued capital outflow and downward pressure on the rouble were among other important concerns for the agency, noted Eugene Tarzimanov, Moody`s Vice President and author of the Report.
Some Russian experts agree that credit is becoming less available, as banks increase their rates and require more guarantees from a borrower. Already new applications are at least 1% more expensive than they were a month ago, Ludmila Lebedeva, President of the First Republican Bank, told Vedomosti.
However, Anatoly Aksakov, President at the Association of Russian banks, thinks Russia`s banking is much better prepared for any shock than it was in 2008.
"There is some tension in the market, but the situation is controllable. The Bank of Russia has a wide range of instruments to influence, but hasn`t used that so far as there are no serious conditions for that," he said.
sections: Economics |