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It is very impor vestment and hedging risk by means of operations
tant that in that particular period the foreign in international currency and financial
affected the most impor The deficit in the balance of external trade
tant group of imported products: machinery, in services contracted from $24.3 billion
AT
UPGRADING BANKING LEGISLATION
In 2007, Russia passed a number of impor
tant laws aimed directly at improving legislation
The amendments made by Federal Law
payment systems is resis cident showed that the Bank of Russia payment
tant to disasters, the Bank of Russia in the period system infrastructure continued
market. Banks were reluc$ ume of cash conversion operations in the inter$
tant to lend loans to one another to safeguard bank market expanded almost
which were systemically impor in hedging transactions, the Bank of Russia made
tant, as well as the effectiveness of supervisory analyses of off balance sheet
as against ducting foreign exchange operations. It is impor
1% in 2002. tant that the new law emphasises that the use of
However, overall unauthorised
and for 2013 and 2014
stability. These issues are important, taking into tant banks, taking international experience into
account the fact that the banking system
has been an impor food prices in 2001 increased 12.7% against
tant result of the monetary policy pursued by the 18.5% a year
The most impor
nies that have the FSC licence to manage unit tant distinction of the close end PIFs is that they
funds, unit investment