Russia approves c bank version of banking reform

RUSSIA - The Central Bank, the Finance Ministry and the Economic Development Ministry have submitted to the government an agreed-upon document on the development strategy for the banking sector.

Under the draft, the capital adequacy requirement will be raised only in 2005, as the Central Bank insisted. From 2005, the Central Bank will have to revoke licenses from banks with capital less than E5 million, if their capital adequacy falls below 10%. At present, such sanctions are invoked when adeq