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  Monday, June 24, 2019
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The Russian Central Bank intends to simplify the procedure of foreign banks' registration
The Russian Central Bank intends to simplify the procedure of foreign banks' registration, Aleksei Ulyukayev, the first deputy Central Bank Chairman, said Monday at the conference "Russia: Investments Into A Growth Economy." "The Central Bank supposes to introduce some amendments to the legislation regarding a more simplified procedure of non-residents' registration in the Russian banking system," said Mr. Ulyukayev. In particular, he explained, the permissive principle of registration of foreign banks will be used only when they purchase over 10% of Russian bank shares. If they purchase less than 10% of shares, a notifying principle will be used, said the CB deputy chairman. The Central Bank intends to accept another 20 banks into the system of population deposits insurance into the system on Tuesday. Aleksei Ulyukayev recalled that the first session of the Russian CB banking supervision committee took place last week. On the session results, 26 first banks were accepted into the system of deposit insurance. "Tomorrow a new session of the committee, where over 20 banks will be let into this system will take place," said Mr. Ulyukayev. Thus, in his words, the number of banks participating in the system will be about 50. In Mr. Ulyukayev's words, the Russian Central Bank intends to increase the share of euros in the structure of the gold and hard currency reserves. "We are likely to carefully, very conservatively increase the share of the euro in the structure of the gold and hard currency reserves, leaving approximately the same share of monetary gold and gradually decreasing the share of the dollar," the deputy chairman said
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