Russia's Audit Chamber will examine the Central Bank's activities for 2004-2006 between June and December

Tuesday, March 31, 2020

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Russia's Audit Chamber will examine the Central Bank's activities for 2004-2006 between June and December, the financial regulator said Wednesday. "The Russian Audit Chamber has approved a program of checks of the Central Bank's financial activities in 2004-2006 and included it in its 2007 plan," the regulator said. The audit will be conducted under an April 20 resolution of the State Duma, the lower house of parliament, and an earlier decision by the National Banking Council, which control the Central Bank of Russia (CBR). Auditors will look into the legality of the use of funds, profit distribution, maintenance costs, the buildup of reserves, financial statements and other parameters for 2004-2006. The audit will take place following checks conducted by the Prosecutor General's Office in the wake of the murder of a senior central banker in charge of the oversight of licensing agreements, Andrei Kozlov, last September. The banking community has been speculating on possible personnel changes at the Central Bank, including the dismissal of its Chairman Sergei Ignatyev, ahead of parliamentary and presidential elections in late 2007-early 2008 and following recent parliamentary hearings on banking supervision when the CBR was accused of setting its own rules, violating the presumption of innocence with respect to other banks, and other offenses.

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