UNKNOWN
BANKING SYSTEM IN RUSSIA(1).docx

Ю im sure these measures include provisions about

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Ю: I'm sure these measures include provisions about reserves for possible losses on loans and securities. Н: They do. The banking system is developing. Ю: What about the legal base? Is it adequate? М: More or less. The Law on Banking adopted in 1996 specifies rules for banking activities, for example, types of operations, operations with hard currency, etc. Ю: So, foreign banks can be set up and can operate in Russia, can't they? Н: They can have branches and representation offices . Ю: Your banking system has made tremendous progress. How will it be developing in the future? М : Our experts have prepared drafts of laws which must give a further boost to the development of the banking system. I mean laws on hypothecation, on obligatory insurance of bank deposits and bank bankruptcy. Ю: Your Central bank is exempt from taxes. And what tax treatment is applied to your commercial banks? What taxes are paid by commercial banks? Н: Tax on profit, tax on property, tax on income from securities and charges to the Pension Fund, to list the main. 4
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  • Winter '13
  • 121
  • Fractional-reserve banking

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