Bank of Russia removes licensing powers from regional offices
Observers differ over effectiveness of central bank’s efforts to clean up banking system
The Russian central bank has given its central office the sole power to register financial institutions and issue banking licences, stripping the ability to do so from its regional offices.
The Bank of Russia says these powers will soon be exercised only by the “department for market access and activity termination of financial institutions” within its head office in Moscow.
The official order says the process will be directed by Sergey Shvetsov, one of the central bank’s four first deputy
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