State Duma doubles insurance reimbursement of bank deposits

On December 19, The State Duma gave the second and third reading to the law to raise insurance reimbursement of bank deposits from 700 thousand to 1.4 million rubles.

Adequate amendments were made to the law "On Insurance of Deposits of Natural Persons in Banks of the Russian Federation", as well as to law "On the Central Bank of the Russian Federation."

Deputy Finance Minister Alexey Moiseyev said that the government decided to increase the insurance compensation twice as "this move is consistent with the needs of today."

Earlier, it was reported that Russia's largest bank - Sberbank - reported a significant outflow of funds from citizens' accounts due to the weakening of the national currency.