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Regulating Banking and Financial Institutions in Russia

Russia has a comprehensive framework of laws and regulations governing banking and financial institutions. This article provides an overview of key legislation that aims to ensure stability, promote international cooperation, and improve efficiency.

Foreign Exchange Regulation Law (2003)

The Foreign Exchange Regulation Law was enacted in 2003 with the following objectives:

  • Separation of Powers: Defines foreign exchange operations and separates the powers of the federal government and the Bank of Russia relating to their regulation.
  • Lifting Restrictions: Lifted restrictions on foreign exchange operations between residents and non-residents, allowing for settlements on domestic and foreign securities in rubles or foreign currency.
  • Retained Requirements:
    • Buying foreign exchange and cheques through authorized banks only
    • Repatriating foreign and domestic currency by residents

Federal Law “On Credit Histories” (2004)

The Federal Law “On Credit Histories” was introduced in 2004 to:

  • Create Conditions for Credit Assessment: Creates conditions for compiling, processing, storage, and disclosure of information about borrowers’ credit histories.
  • Efficient Credit Risk Management: Allows creditors to assess creditworthiness more efficiently, reducing overall credit risk.
  • Single Information Centre: The Bank of Russia’s Central Catalogue of Credit Histories acts as a single information centre providing free access to credit history information.

Federal Law on the Central Bank of the Russian Federation (Bank of Russia)

While no specific details are provided in this snippet, it is worth noting that the Federal Law on the Central Bank of the Russian Federation (Bank of Russia) likely outlines the powers and responsibilities of the central bank in regulating banking and financial institutions in Russia.

These laws and regulations aim to ensure the stability of the Russian currency, promote international economic cooperation, and improve the efficiency of credit institutions.