Banking Association chief condemns limitations on domestic market

The limitations on banks' activities on the domestic market stipulated in Russian laws should be removed before the liberalization of the foreign currency regulation is implemented in Russia, President of the Association of Russian Banks Garegin Tosunyan said today at parliamentary hearings in the Russian Federation Council that were dedicated to legislative provisions for this liberalization.

Among limitations to be removed Tosunyan listed the limitations on issuing small credits ($1,500-2,000) for individual customers. He also said he was perplexed by the limitations on the amount of cash allowed to be exported from Russia - $1,500. The same limitation is preserved in the law on foreign currency regulation that was developed by the Russian government. At the same time, Tosunyan stressed the early liberalization of the foreign currency market could have a negative impact on Russian banks.

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Author`s name: Editorial Team