Russia: The Banking System during Transition

摘要

This report discusses the reforms needed to enable the banking sector in Russiato become more efficient in performing its roles in a market economy: specifically, in the mobilization of financial savings, the allocation of resources, and the processing of payments. The focus of the report is on the next three to five years. The strategy proposed in this report has three main policy components: Phasing out directed credit; Improving the soundness and efficiency of the commercial banking system by creating a new tier of good banks (the International Standards Bank program); Restructuring the large specialized banks. The report also contains recommendations on how to upgrade Russia's banking sector infrastructure and how to finance investment, housing, and agriculture.