Participants discussed the situation in the Russian financial market.
Finance Minister Alexei Kudrin reported on measures taken to stabilize the stock market, support the banking sector and the decision to reduce export tariffs on crude oil and oil products. The Minister also said that trading on the Russian stock market was scheduled to resume on 19 September 2008.
Other emergency measures taken to stabilise the economic situation include a temporary reductions of the mandatory reserves held by credit organisations in the Central Bank and the reduction of interest rates on some tools to provide liquidity. Chairman of the Central Bank Sergei Ignatyev told the President about these measures.
Dmitry Medvedev supported the proposed measures and expressed his confidence that the public authorities have enough resources to ensure stability in the financial sector. The head of state also suggested that the government cabinet examine the possibility of allocating 500 billion roubles for the stabilisation of the stock market and instructed the Ministry of Finance to determine the amount of additional support for major banks in the next two days.