Central Bank Chairman to report monetary policies

The Association of Russian Banks will hold a convention in Moscow today. Chairman of the Russian Central Bank Sergey Ignatyev will deliver a report at this meeting. He is expected to inform participants of the convention on Central Bank's monetary policies. The convention will also be devoted to the role of the Association of Russian Banks in defining and implementing the strategy of the Russian banking system's development. In addition, participants will consider the code of ethic principles for banking activities and difficulties arising during the implementation of the law against money laundering. The Association of Russian Banks was established in 1991. It unites 595 commercial banks located in 64 regions of Russia. Authorized capital of banks in the association makes up 80 percent of authorized capital of all banks registered in Russia and more than 80 percent of assets in the Russian banking system.