Russian government approve banking reform strategy

RUSSIA - The Russian government approved, in broad outline, a banking reform strategy in Russia on 27 September.According to Tatyana Paramonova, first deputy chairman of the Central Bank of Russia, the E5-million minimum capital to be introduced on 1 October for newly established banks complies with the European Union standard. All Russian banks will have to confirm the compliance of their capitals with new capital requirements by 2004.The higher minimum capital of E10 million may be introduc

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