Russian Economy Calm over Wordl Financial Crisis


	Russian Economy Calm over Wordl Financial Crisis

rmowery

3-27-2008 4:27 PM

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tags:

russia, world finance, crisis, financial, ruble

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/f4e51239-c894-44ce-9973-865cc4334201/5389F2B1-DE86-45B9-9828-49D515E7661B/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://en.rian.ru/business/20080325/102183262.html" href="http://en.rian.ru/business/20080325/102183262.html" style="font-size: 11px;">en.rian.ru</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://en.rian.ru/business/20080325/102183262.html"><table background="undefined" bgcolor=""><tr><TD valign="middle" class="mainnewstitle"><DIV class="titleblock"><H1>Russian economy calm over world financial crisis</H1></DIV></TD></tr></table></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://en.rian.ru/business/20080325/102183262.html"><P>MOSCOW, March 25 (RIA Novosti) - The head of Russia's banking association said economic stability in the country means there is no need to panic over the growing global financial crisis. 
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://en.rian.ru/business/20080325/102183262.html"><P>
Garegin Tosunyan said although the global credit crunch should not be ignored it could be used to make Russia's financial markets more attractive for foreign investors and push the importance of the ruble up to third or fourth place in the world. 
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://en.rian.ru/business/20080325/102183262.html"><P>
"Making the ruble a reserve currency would have a positive effect on the Russian economy, however a number of financial institutions would need to be modernized in order to achieve this," said Anatoly Kazakov, the chairman of the council of finance and banking in the CIS. 
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://en.rian.ru/business/20080325/102183262.html"><P>
Kazakov added that establishing a unified payment system between CIS countries would be needed. 
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://en.rian.ru/business/20080325/102183262.html"><P>
He also said that Russia needed financial specialists capable of identifying and advising on the possible repercussions from the global economic crisis. 
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