Bank of Russia Extends Depositor Guarantees to Non-Member Banks
Moscow, Russia - December 10, 2003
In a move to boost confidence in the Russian banking system, the Bank of Russia has extended deposit guarantees to non-member banks. Under the new law, depositors of non-member banks will now receive compensation from Bank of Russia funds.
Key Provisions
- The Federal Law defines foreign exchange operations and separates the powers of the federal government and the Bank of Russia regarding their regulation.
- Restrictions on foreign exchange operations between residents and non-residents have been lifted, allowing for more flexibility in international transactions.
- Requirements that foreign exchange and cheques be bought through authorized banks only remain in place to prevent illegal activities.
Credit Histories Law Boosts Credit Relations
December 30, 2004
The Bank of Russia has also played a crucial role in implementing the Federal Law on Credit Histories. The law aims to create conditions for compiling and disclosing information about borrowers’ creditworthiness, reducing overall credit risk and enhancing the efficiency of credit institutions.
Key Features
- The Central Catalogue of Credit Histories, a division of the Bank of Russia, serves as a single information centre providing free access to information on individual credit histories.
- This allows creditors and borrowers to make more informed decisions when entering into loan agreements.
Bank of Russia’s Role in Stabilizing the Financial System
The Bank of Russia has been instrumental in implementing various laws aimed at stabilizing the Russian financial system. From ensuring foreign exchange stability to promoting credit relations, the central bank’s efforts have contributed significantly to boosting confidence in the banking sector.
Commitment to Stability and Transparency
As the country’s economy continues to grow, the Bank of Russia remains committed to its role as a key player in shaping the financial landscape. With its focus on stability and transparency, the bank is well-positioned to support the Russian economy’s continued growth and development.