ST PETERSBURG: Russia's central bank will start to require greater minimum capital for so-called federal banks from 2018 in a step-by-step process, the bank's Deputy Governor Mikhail Sukhov said.
"I believe it's reasonable to use the first 1 1/2 years for preparatory work. ... The central bank will start a gradual increase (of minimum capital) to 1 billion roubles ($15.6 million) from 2018," Sukhov told reporters on the sidelines of a financial conference on Thursday.
Russia's central bank plans to split the classification of banks into federal and regional ones, with the first category referring to larger banks.
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