Russian president approves deposit insurance bill

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Russian President Dmitry Medvedev has signed a bill on insurance of bank deposits, increasing the amount guaranteed to 700,000 rubles ($26,800) from 200,000 rubles, the Kremlin said Monday.
MOSCOW, October 13 (RIA Novosti) - Russian President Dmitry Medvedev has signed a bill on insurance of bank deposits, increasing the amount guaranteed to 700,000 rubles ($26,800) from 200,000 rubles, the Kremlin said Monday.

Increased payments will be made on deposits for events that took place after October 1.

Medvedev said Friday that Russia had taken sufficient measures to shore up the domestic financial market against the backdrop of the ongoing global credit crisis.

The lower house of parliament, the State Duma, approved Friday anti-crisis packages worth a total of $86 billion. The government has earmarked $50 billion of budget funds to banks and firms to refinance foreign debt, and some $36 billion to key banks in subordinated loans.

Later Friday, the country's antitrust service said the government's foreign investment commission had permitted domestic banks to conduct mergers and acquisitions with foreign investors without the commission's approval.

The current global credit crunch started in the United States and quickly spread to Asia and Europe leading to record losses on Russia's financial markets, rising interest rates and a liquidity shortage.

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