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Russia to Conduct Banking Reform
A "purposeful reform" of the Russian banking system will begin in the first half of 2001, Russian Prime Minister Mikhail Kasyanov announced Sunday.
"The situation has become ripe, and we are perfectly aware of this," Kasyanov said in an interview with the state television channel RTR on Sunday evening.
"This process will begin from specific amendments to laws," especially amendments to the law on bankruptcy of credit organizations and the law on banks and banking activities, the Prime Minister said.
"We should have the same laws as those taking effect in other countries or similar to them," Kasyanov said, stressing the merging is vital for credit improvement of the Russian banking sector.
A clause on banking system reform is contained in a program coordinated with the International Monetary Fund (IMF), Kasyanov said, adding that he views Russia's recent talks with an IMF mission as quite positive.
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