'Last year turned out to be a very difficult one. The global stock markets’ increased volatility couldn’t help affecting the Russian financial system,’ SKB-Bank’s Stock Market Operations Director Alexander Kravtsov announced at the press conference devoted to the state of Russian stock and foreign exchange markets in 2007-2008.

'However, there were some good trends as well. I can’t say I feel too positive about the current state of events, though. The Central Bank has changed its refinancing rate and expects the banks to ask for 400 billion RUR worth of refinancing, which is a lot more than before. As for the future, I believe RTS is capable of reaching its maximum of 2,500 or 2,600 points, but the situation is still too unstable at the moment,’ he observed.