Central Bank Chairman Supports Granting More Authority To National Banking Council

Central Bank chairman Viktor Gerashchehko supported a decision to grant more authority to the National banking council. He noted this at the conference 'Investment climate in Russia in the light of banking reforms' today. According to Gerashchenko, the national banking council should decide when the Central Bank is to withdraw its assets from other banks. In addition, it should choose auditors of the Central Bank and determine what part of the bank's profits should be allocated to the federal budget. Gerashchenko recalled that the National banking council is a consulting agency that was created in 1995. He confessed that so far this agency did not justify the hopes that were laid on it and this happened mainly due to personnel reshuffles within the council.

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