The second wave of the crisis is canceled

second wave will not be a financial crisis.This convinced the chairman of the Central Bank Sergey Ignatyev.In his opinion, the most acute phase is passed, and in the coming months will resume ", though slow, but the growth of the economy."He stated this today at a congress of the Association of Russian Banks (ARB).Thus, the head of the Central Bank did not agree with the opinion of Finance Minister Alexei Kudrin, who is considering the possibility of a second wave of the crisis in the bankin

g system caused downs kreditov.Vtoroy wave is not a financial crisis.This convinced the chairman of the Central Bank Sergey Ignatyev.In his opinion, the most acute phase is passed, and in the coming months will resume ", though slow, but the growth of the economy."He stated this today at a congress of the Association of Russian Banks (ARB).Thus, the head of the Central Bank did not agree with the opinion of Finance Minister Alexei Kudrin, who is considering the possibility of a second wave of the crisis in the banking system caused by loan defaults.

As recognized at the same Ignatiev, the problem is really serious, however, in his opinion, "the banks are quite reasonable and quite quickly building up reserves for possible loan losses".In addition, "forecasts the growth of arrears based on the extrapolation of past trends. At the same time, the level of outstanding debt is directly dependent on the financial situation in the real economy. Implicitly, it is assumed that the financial situation of the real sector will continue to deteriorate," but this is not true, said the headBank of Russia.

Sergei Ignatyev said that "world oil prices have stabilized at a level higher than our forecast of $ 41", as well as complete devaluation of the ruble, which is unlikely to go beyond the upper boundary of the corridor against the currency established by his department."Russian producers gained a competitive advantage over foreign ones. From November 2008 to March 2009 the real effective exchange rate has fallen by 13.6%. The benefits to the operations of banks in foreign currency as compared to lending to the real sector is very doubtful. The situation with ruble liquiditynormalized interest rates declined in the interbank market and, finally, the last:.. to support the real sector of the government action is required to give effect ", - assured the head of Tsetrobanka.He also informed about the possibility to reduce the refinancing rate from its current level of 13% as the inflation deceleration.

Later at a press conference the head of the Bank of Russia has suggested that economic growth in the country could begin as early as April of this year."Conditions have good and after that, the problem of bad debts, may be slowly begin to be addressed, but maybe not.", - Said Ignatiev.