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. Last Updated: 07/27/2016

Duma Passes IMF's Bank Laws

After almost two years of waiting, Russia finally passed banking laws needed to unlock International Monetary Fund credits back in 1999.

The State Duma on Thursday passed on the third and final reading amendments to three laws that were part of the so called "IMF package," introduced in October 1999.

Included were the law on bankruptcy of banks, the law on the Central Bank and the law on commercial banks.

It strengthens the role of the Central Bank in monitoring the banking sector, enabling it to bankrupt banks whose liabilities are lower than their assets, dispute transactions that took place in the three months preceding appointment of a temporary administration, and prevent corporate restructuring that may result in insolvency.

If the market value of the banks's equity drops below their book value, the Central Bank may order it to put its books in order.