Banking in Russia

Banking in Russia

There are significant regulations for banking in Russia. Banks in the Russian Federation should meet mandatory Russian legislation requirements, and comply with numerous Bank of Russia instructions and regulations.

History

The modern Russia inherited the banking system of the Soviet Union, with a few big state banks (like Sberbank, Vneshekonombank, and Vneshtorgbank). After more than 15 years of reforms in Russia, there are now 1183 financial institutions with 3286 regional branches. [ [http://www.cbr.ru/statistics/bank_system/print.asp?file=cr_inst_branch_010207.htm Statistics on the site of the Bank of Russia] ]

On March 22, 1991, the Central Bank of Russia established the procedure for the issue of securities by commercial banks. From that time, Russian banks gained an outlet to the stock market. On April 2, 1991 the "Regulations for Buying and Selling (Transferring) Currency Exports Abroad through Citizens' Personal Funds" approved by the State Bank of the USSR entered into force. In this way, the creation of the Russian foreign exchange market began. And on April 9, the first auctions on the State Bank's currency exchange were held. Ten commercial banks and one financial organization took part.

Large banks lost between 14 % and 45 % of their retail deposits. An exception was Sberbank, which kept the large majority of its rouble-denominated accounts, but lost over 30 % of its USD-denominated accounts. To protect savers, CBR offered to transfer savings from insolvent banks to Sberbank, since deposits at Sberbank were insured. Also dollar accounts were transferred to Sberbank at a rate of 9 roublesper dollar much below the market rate, so that customers lost an estimated half of the value of their dollar deposits.

On September 3, 1998, during the Russian financial crisis, private accounts at the SBS-Agro and MENATEP banks, Inkombank, Promstroibank, Most Bank, and Moscow Business Bank were frozen. Depositors at these banks were given the opportunity to transfer their money to the Sberbank at the rate of 9.33 rubles/$. This action continued for one month.

Banks

External links

* [http://www.cbr.ru/ Bank of Russia]
* [http://www.russiabankingnews.com/ Russia Banking News]
* [http://www.allcred.ru/ News]

References


Wikimedia Foundation. 2010.

Игры ⚽ Нужен реферат?

Look at other dictionaries:

  • RUSSIA — RUSSIA, former empire in Eastern Europe; from 1918 the Russian Soviet Federative Socialist Republic (R.S.F.S.R.), from 1923 the Union of Soviet Socialist Republics (U.S.S.R.); from 1990 the Russian Federation. Until 1772 ORIGINS The penetration… …   Encyclopedia of Judaism

  • Russia — /rush euh/, n. 1. Also called Russian Empire. Russian, Rossiya. a former empire in E Europe and N and W Asia: overthrown by the Russian Revolution 1917. Cap.: St. Petersburg (1703 1917). 2. See Union of Soviet Socialist Republics. 3. See Russian… …   Universalium

  • Economy of Russia — Russia is a unique emerging market, in the sense that being the nucleus of a former superpower shows more anomalies. On one hand, its exports are primarily resource based, and on the other, it has a pool of technical talent in aerospace, nuclear… …   Wikipedia

  • BANKING AND BANKERS — Antiquity There is little likelihood that financial transactions played a prominent role in the pre Exilic epoch in Ereẓ Israel; according to the ethos of Jewish society, then founded on a pronounced agrarian structure, lending was part of the… …   Encyclopedia of Judaism

  • Banking in the People's Republic of China — This article is about the banking system of the People s Republic of China. For details on the financial system at large, see Chinese financial system. China s banking system has undergone significant changes in the last two decades: banks are… …   Wikipedia

  • Banking —    Under Mikhail Gorbachev, the banking system, previously dominated by Gosbank (State Bank), was diversified to create new lending agencies. Despite the reforms, the Russian Federation inherited a system that consisted of a small number of large …   Historical Dictionary of the Russian Federation

  • Russia — This article is about the current country. For other uses, see Russia (disambiguation). Russian Federation Российская Федерация Rossiyskaya Federatsiya …   Wikipedia

  • Banking in Armenia — The Central Bank of Armenia is charged with regulating the money supply, circulating currency, and regulating the commercial banks of the country. Commercial banks in Armenia include HSBC Bank Armenia, Ameria Cascade, Ardshinbank, Armagrobank,… …   Wikipedia

  • Deposit Insurance Agency of Russia — Deposit Insurance Agency (DIA) (Russian: Агентство по страхованию вкладов) is a State corporation providing deposit insurance in the Russian Federation. Its headquarters are located in Moscow. The DIA was established in January 2004 on the basis… …   Wikipedia

  • Topic outline of Russia — For an alphabetical index of this subject, see the List of Russia related articles. Russia, officially known as the Russian Federation is the largest country in the world, covering convert|17075400|km2|sqmi| 2 more than an eighth of the Earth’s… …   Wikipedia

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”