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Russia Needs Own Rating Agencies, says Head of Central Bank

27.11.2014 11:09 / MIFC

Russia must establish its own independent rating agencies industry, said Chair of the Bank of Russia Elvira Nabiullina in her speech at the Federal Council on 26 November.

“We expect to pass a Federal Act that would set up a level playing field for foreign and Russian rating agencies. Their business will also become regulated in order to ensure that out borrowers and issuers are rated in a thorough and unbiased manner”, she said.

The Ministry for Economic Development also considers it essential to reform the procedure of interaction with rating agencies, switching from ‘passive to proactive approach’, Deputy Minister Nikolay Podguzov stated the day before.

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