Banking & Finance Weekly Report.(Russian indicators)
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INTL. ORGANIZATIONS NOT WORRIED BY STATE OF RUSSIAN ECONOMY A Russian delegation led by Deputy Prime Minister Alexei Kudrin, who is also the country’s finance minister, attended the 57th session of the International Monetary Fund and World Bank in Washington. In an endorsement of the fact that Russia was no longer a cause for concern, Kudrin did not, as has been the norm for such events in the past, make a report on the state of the country’s economy. The IMF mission that visited Moscow in September also had good things to say about Russia’s monetary policy and its efforts to reform the banking system. See page PETROKOMMERTS BANK Interfax Rating Agency, a strategic partner of Moody’s Investors Service in Russia, has assigned credit ratings on the national scale for Petrokommerts Bank. The bank received a long-term credit rating of A1 (rus) and a short-term rating of RUS-1. A long-term debt rating of A1 (rus) on the Interfax Rating Agency scale reflects good creditworthiness relative to other Russian borrowers and vulnerability to external factors. A short-term rating of RUS-1 reflects good creditworthiness on short-term obligations compared with other Russian borrowers. See page PAYMENT SYSTEM IN AZERBAIJAN The payment system in Azerbaijan is second to that in Kazakhstan in the Central Asia and Caucasus region in terms of the level of development. The National Bank of Azerbaijan during the first years of independence began working actively to create an effective payment system. It was successful in creating a system for large payments (although not all banks have joined the system) and in helping banks organize card payment systems. The clearing system designed for small payments remains undeveloped. This is the National Bank’s main objective at present to further improve the quality of the payment system. |