CBR Toughens Disclosure Requirements
The Central Bank of Russia has elaborated regulations to toughen requirements for disclosing data to the public at large. According to CBR, the banks should shed light on all movement of money via the accounts in addition to balances of the latter.
On Friday, the Central Bank of Russia (CBR) announced via its web-site the further toughening of disclosing requirements. The purpose to attain is to improve transparency of the bank business.
In particular, CBR urges the banks not to confine to disclosing balances of accounts each month, but rather inform about all movement of money via the accounts, including the turnover. Another recommendation of CBR is to quarterly release profit and loss statements via the CBR site.
The recommendation of CBR, the analysts say, will not only facilitate the analysis and evaluation of bank’s standing to be made by the experts and the public at large, including the clients, but also help improve image of the whole bank system of the country.
“Most valuable in the banks’ reports is the information about accounts’ turnover, which hasn’t been disclosed so far,” said RusRating analyst Yulia Arkhipova. “Unlike balances of accounts, it allows to estimate the activity level and the size of the work, follow movement of business advance and determine interrelation of transactions.”
www.kommersant.com
All the Article in Russian as of Dec. 25, 2006
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