` Law on the Functioning of of the `Financial System ‘ of ` Crimea ‘ takes Affect today Friday 4 2014 ‘

#AceFinanceNews – MOSCOW – April 04 – The federal law on the functioning of the financial system of Crimea on Friday took effect. It structures the work of the regional credit institutions in accordance with the Russian regulations.

The Crimean financial system at first will be based on the local banks, and then the key credit institutions, working across Russia will come to the sector.

The Crimean financial establishments so far have been allowed to continue their operation if they pass state registration before the end of the year and ensure the lower limit of own capital at 300 million roubles.

The Russian Central Bank (CBR) will control the interest rate on deposits, set the ceiling of tariffs on bank transactions. The operation of all currency exchange offices will be brought in line with the general federal standard by January 1, 2015.

All issues of securities in Crimea are subject to inclusion in the unified state register.

Also, the circulation of shares that are not denominated in roubles is terminated.

Russian and Crimea News

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