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Russia Takes Major Steps to Boost Public Trust in Banking System and Foster Economic Growth

May 28, 2001

Moscow - In a move aimed at boosting public trust in the banking system and stimulating economic growth, Russia has passed several landmark laws. These measures are designed to promote stability and confidence in the financial sector.

Deposit Insurance System

The deposit insurance system, established by Federal Law No. 177-FZ (dated December 23, 2003), provides compensation to depositors in the event of a bank’s failure, mitigating the risk of adverse consequences for depositors. The law requires banks to participate in the system and sets the procedure for paying deposit compensation.

Foreign Exchange Regulation

The Foreign Exchange Regulation Law aims to ensure the implementation of a single state foreign exchange policy and stability of the Russian currency and domestic foreign exchange market. Key provisions include:

  • Defining foreign exchange operations
  • Separating the powers of the federal government and the Bank of Russia in regulating these activities
  • Retaining the requirement for residents to repatriate foreign and domestic currency

Credit Histories Law

Federal Law No. 218-FZ (dated December 30, 2004) on Credit Histories aims to create a modern credit system by establishing conditions for:

  • Compiling, processing, storing, and disclosing information about borrowers’ creditworthiness
  • Reducing overall credit risk
  • Enhancing the efficiency of credit institutions

Impact on the Russian Economy

These measures are expected to have a positive impact on the Russian economy, promoting stability and confidence in the financial sector and encouraging economic growth.

In Quotes

“The passage of these laws marks an important step forward in boosting public trust in the banking system and fostering economic growth,” said an official from the Bank of Russia. “We are committed to creating a stable and efficient financial sector that benefits all Russians.”