Central Bank hopes for soonest approval of bill on deposit guarantees

The Russian Central Bank hopes that the amended bill on guarantees on individual bank deposits will be passed before the end of 2002, Senior Deputy Chairman of the Central Bank Andrey Kozlov noted at the forum "The Banking Sector and the Market of Fixed Income in Russia" today. The government postponed the October-24 consideration of the bill to a later date. Kozlov said there was no tragedy about it but noted he was afraid that the bill's consideration could be postponed until spring 2003. The official stressed that that this system should be based on the concept of obligatory insurance. He also noted that the Central Bank was going to make all possible efforts to pass the system of guarantees before the end of 2002 and put in into effect on January 1, 2003.

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