Rashad Seyfaddin Karimov

(№.5,2011)

Abstract: After Russian privatization reform in 1991, due to Russia’s errors in selecting the start point, plans and ways of its fi nancial system reform, its bank system faced a constant increase of fi nancial risks such as current fl ow risk, foreign exchange risk and credit risk. A serious harmfulness of the fi nancial crisis aroused by the speciality of economic development model was obviously verifi ed in the 1998 fi nancial crisis and the 2008 international fi nancial crisis, which impeded the implementation of Russia’s economic development strategies. At present, Russian fi nancial system still faces some tasks: establishing a safe, high-effi ciency, commercial bank system, giving full play to the adjustment role of interest rate and exchange rate, and upholding a fi nancial security under the conditions of open capital items.
Key words: Russia; fi nancial freedom; capital item; commercial bank