June 7, 2019 / 5:30 PM / a month ago

Russia's economy minister: "wrong" for c.bank to own commercial banks

ST PETERSBURG, June 7 (Reuters) - Russian Economy Minister Maxim Oreshkin said on Friday he believed the central bank should not control commercial banks, and supported more competition and private capital in the sector.

“I believe that the central bank should not own commercial banks. One organisation cannot regulate, supervise and also own assets - that’s wrong,” the minister said.

“It appears our central bank is the biggest proponent of increasing the government’s role in the economy. We believe the banking sphere is one where there should be more competition and more private capital,” Oreshkin said, speaking on the sidelines of the St Petersburg economic forum. (Reporting by Andrey Ostroukh; Writing by Polina Ivanova; Editing by Maria Kiselyova)

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