The Russian central bank on Wednesday moved to stem the country's growing financial crisis by cutting minimum reserve requirements
Published:
8 July 2004 y., Thursday
The Russian central bank on Wednesday moved to stem the country's growing financial crisis by cutting minimum reserve requirements and pledging support for a takeover of the troubled Guta Bank by the state-controlled Vneshtorgbank.Sergei Ignatiev, the central bank governor, told the Russian parliament that his institution would provide support for a takeover of Guta, which became the most high-profile victim of the payment difficulties when it suspended operations on Tuesday.
Guta, which is owned by Guta Group, a holding company controlled by tycoon Yury Guschin, said it had approved the takeover plan, as hopes rose that depositors would be able to withdraw money again from its branches around the country by next week.
Mr Ignatiev played down suggestions of a crisis or the risk of default, and denied reports there was a "black list" of other institutions likely to be closed by regulators.
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