Bank Russia to become ‘mega-regulator' with mandate for growth

elvira-nabiullina

The Bank of Russia is set to take on the role of a ‘mega-regulator' of the whole of the country's financial system, as part of a new law passed on Friday that also sees its monetary policy mandate expanded to include the responsibility to support ‘sustainable and balanced economic growth'.

The law, passed in the Duma on Friday and due to be enacted on September 1 2013 after approval from the upper house and president Vladimir Putin, puts all non-bank financial organisations under control of the

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