State Duma passes law on fin stabilisation measures
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The Russian parliament’s lower house State Duma on Friday urgently passed a law at the second and third reading on additional measures for stabilisation of Russia's financial system, Itar-Tass reports.
The anti-crisis laws will legally set down the measures proposed by the government, the lower house's First Deputy Chairman Oleg Morozov said.
The law gives the right to the state-run Bank for Development and Foreign Economic Activities (Vneshekonombank) to give credits in foreign currency to organisations to pay off and serve foreign loans received before September 25, 2008. The total sum of Vheshekonombank credits as of December 31, 2009, must not exceed 50 billion dollars. The source of the funds is the gold and currency reserves of Bank of Russia.
The law stipulates that for the credits Bank of Russia will place deposits in Vneshekonombank, to total no more than 50 billion dollars, for a year with possible further prolongation.
To stimulate deals on the Russian inter-bank credit market, the right is provided to conclude agreements with credit organisations with envisaged compensations for their losses they may have during the period when the law is in force.
The Russian government sets requirements for credit organisations that have the right for such credits, and the board of directors of Bank of Russia sets requirements for the level of their rating.