Basel III helps Russian banks handle economic turmoil, says Yudaeva
The country’s banks are better at managing FX and interest rate risks
The 2014 implementation of the Basel III capital accord by the Bank of Russia has enabled the country's banks to be better prepared for the recent shocks of international sanctions and falling oil prices, and the subsequent December run on the ruble, according to Ksenia Yudaeva, a first deputy governor at the central bank.
The Russian currency recently stabilised at about 64 against the US dollar, following a record low of 80.1 in mid-December, after a halving in global oil prices exacerbated
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