Never miss a story

Get subscribed to our newsletter


×
A Russian flag flies over the headquarters of the country's central bank in Moscow (file photo) RFERL

The World Bank says Russia’s banking sector is stabilizing but remains at risk despite recent state bailouts of Russian banks totaling tens of billions of dollars.

In a scheduled report dated June 10, the Washington-based lender estimated that state-owned banks now account for 62 percent of all assets at Russian banks following the closure of hundreds of lenders in recent years and the rescue of several major financial institutions.


“The banking sector remains afflicted with high concentration and state dominance,” the World Bank said in the report. The warning comes less than a week after the World Bank, the lending arm of the International Monetary Fund, cut Russia’s 2019 economic growth forecast to 1.2 percent from a previous estimate of 1.5 percent because of oil production cuts.


“The banking sector remains afflicted with high concentration and state dominance,” the World Bank said in the report. Pixabay

While the bank said Russia’s macroeconomic and fiscal buffers were strong, economic growth prospects remained modest. “Downside risks to Russia’s growth outlook stem from the potential expansion of sanctions, deterioration of financial market sentiment, souring global trade environment and a dramatic drop in oil prices,” the report said.

Russia’s business climate faces stiff headwinds for many reasons, including the economic sanctions imposed by the United States, Japan, and European allies for Moscow’s 2014 seizure of Crimea, along with alleged Russian interference in U.S. elections.

Also Read- The Pros and Cons of Banks that Don’t Use Chexsystems

The World Bank projected annual economic growth for the years 2020 and 2021 at 1.8 percent. “On the upside, national projects aimed at strengthening human capital and increasing productivity, if well-implemented, could positively affect Russia’s potential growth in the medium-term,” the bank said in its report.

Russia’s economy expanded 2.3 percent in 2018, aided in large part by one-off projects, buoyant energy prices, and an influx of tourists for the soccer World Cup. (RFERL)


Popular

Unsplash

Feminism itself is nothing but a simple movement that pursues equal rights for women (including transwomen) and against misogyny both external and internal.

"In India, to be born as a man is a crime, to question a woman is an atrocious crime, and this all because of those women who keep suppressing men in the name of feminism."

Feminism, a worldwide movement that started to establish, define and defend equal rights for women in all sections- economically, politically, and socially. India, being a patriarchal society gives a gender advantage to the men in the society thus, Indian feminists sought to fight against the culture-specific issue for women in India. Feminism itself is nothing but a simple movement that pursues equal rights for women (including transwomen) and against misogyny both external and internal. It states nowhere that women should get more wages than men, that women deserve more respect than men, that's pseudo-feminism.

Keep Reading Show less
wikimedia commons

Yakshi statue by Kanayi Kunjiraman at Malampuzha garden, Kerala

Kerala is a land of many good things. It has an abundance of nature, culture, art, and food. It is also a place of legend and myth, and is known for its popular folklore, the legend of Yakshi. This is not a popular tale outside the state, but it is common knowledge for travellers, especially those who fare through forests at night.

The legend of the yakshi is believed to be India's equivalent of the Romanian Dracula, except of course, the Yakshi is a female. Many Malayalis believe that the Yakshi wears a white saree and had long hair. She has a particular fragrance, which is believed to be the fragrance of the Indian devil-tree flowers. She seduces travellers with her beauty, and kills them brutally.

Keep Reading Show less
Pinterest

Ancient India not only made mentions of homosexuality but accepted it as well.


The LGBTQ+ acronym stands for Lesbian, Gay, Bisexual, Transgender, Queer, and others. In India LGBTQ+ community also include a specific social group, part religious cult, and part caste: the Hijras. They are culturally defined either as "neither men nor women" or as men who become women by adopting women's dress and behavior. Section 377 of the India Penal code that criminalized all sexual acts "against the order of nature" i.e. engaging in oral sex or anal sex along with other homosexual activities were against the law, ripping homosexual people off of their basic human rights. Thus, the Indian Supreme Court ruled a portion of Section 377 unconstitutional on 6th September 2018.

Keep reading... Show less