Rustam Minnikhanov: Today banks are facing serious tasks of maintaining stability of financial system and participation in large scale transformation of economy

On 22 September, speaking at the international banks forum “Banks of Russia – XXI century” held in Kazan with participation of top managers of the Bank of Russia, federal ministries and departments, members of the Federation Council and the Russian State Duma, top bank managers and representatives of international financial organizations, Tatarstan President Rustam Minnikhanov said: “The results of work of our republic prove that the operation of the bank system is stable. We have grown for more than 9 per cent in industrial output and our GRP increased for more than 5 per cent. Last year the volume of industrial production in the republic amounted to 4 trillion roubles and this year it will be significantly higher. We are still going ahead despite all difficulties. There are big issues related to logistics and procurement but we manage to find solutions. Once again I would like to express gratitude to the administration of the country for those solutions which have been found for financial system and banking”.

“The forum is very important as it is dedicated to work of banks and financial market which for the first time uncounted external sanctions. We managed to overcome them due to the accumulated margin of safety and experience of joint anti-crisis work. Solutions taken jointly by Russian President Vladimir Putin, the Government of the country and the Central Bank made it possible to stabilize the financial market, restore giving loans to population and enterprises” Rustam Minnikhanov said.

He continued by saying: “At the same time it is rather difficult for regional banks to take part in federal support measures because of high requirements to the soft loan programs. We propose to consider decreasing the entering threshold or introducing separate quotas for small banks which will make the support more efficient and targeted”.

Speaking about Islamic finances, Tatarstan President said: “Development of Islamic finances will enable involving into financial turnover those residents who for some religious or ethical reasons cannot use traditional bank products. Currently Tatarstan has accumulated huge experience in Islamic and partner banking and as a pilot region is testing solutions in Islamic banking which then can be used in other regions. This will facilitate interaction with OIC member-countries including the Strategic Vision Group Russia -Islamic World which I preside on the errand from Russian President Putin”.

“I would like to underline the contribution of banks in digitalization of economy as many innovations arise in the financial sector. For us IT sphere is priority that is why the year of 2022 has been announced as the Year of Digitalization in Tatarstan”, he continued.

Speaking about cyber security issues, Rustam Minnikhanov said: “Due to development of digitalization, information safety becomes most important. I invite all of you to visit the KazanDigitalWeek forum held at the Kazan Expo right now. I am sure that financial organizations together with the IT sector will develop measures to counteract cyber threats”.