Jun 21, 2021
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Nabiullina explained the costs of destroying the institution of banking secrecy

Low interest rates, together with the expansion of the state’s access to banking secrecy, will lead to an outflow of deposits, the head of the Russian regulator believes.

Nabiullina spoke to the State Duma with an annual report on the activities of the Central Bank of the Russian Federation. This is reported by TASS with reference to the words of the head of the Central Bank.

“Bank secrecy cannot be turned into a sieve, otherwise people will leave bank deposits,” she said.

The state already has the right to access secrets when a criminal case is initiated against the account holder. Broader access will finally undermine confidence in Russian banks, Nabiullina believes.

At the same time, she gave an optimistic assessment of the Russian economy. The head of the Central Bank said that Russia has recovered to the level before the pandemic.

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