Alexander Kotcherguine, executive director of MDM Financial Group, noted that reform of the banking sector was still an important unresolved issue, with Russian banking still lagging behind other sectors of the economy. “Nevertheless, we have a team at the central bank that is committed to reform and they have done more than any previous team, so that is a positive sign,” he said.
“We expect things to happen in the next nine to 12 months. Approval of the deposit insurance law was a very strong signal to the market. This piece of legislation had been under review for almost 10 years and its approval sets the stage for other matters that we expect to introduce later this year or early in 2005,” said Mr Kotcherguine.
