12th International Banking congress to begin its work in St. Petersburg

The 12th International Banking Congress (IBC-2003) is beginning its work in St. Petersburg on Wednesday. The Congress is organised by the Central Bank of the Russian Federation (CBR) and the government of St. Petersburg.

As the representatives of the CBR Main Directorate for St. Petersburg said, the top officials of the central (national) banks of the world and the major commercial banks of different countries, representatives of the International Monetary Fund and the European Bank for Reconstruction and Development, members of the governments of Russia and foreign countries, deputies of the State Duma, and the leaders of the entities of the Russian Federation will take part in IBC-2003. More than 500 people are expected to assemble at the Congress.

In the course of the Congress it is supposed to discuss a range of problems on making the banking sector stronger in ensuring further stable growth of the economy on the basis of experience amassed by the world banking community. Though the theme of IBC-2003 sounds as the Banking Sector and Stable Economic Growth, the list of the themes of the sections' work will be broadened.

The IBC history began at the end of 1991, when upon the initiative of the Central Bank of the Russian Federation and of the St. Petersburg Mayor's Office with the support of the government of Russia, it was decided to address the world's leading banking centres and well-known and influential banks of Europe, America and Asia with a proposal to hold an International Banking Congress in St. Petersburg. This proposal was met with interest, and the first Congress took place already in April 1992.