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Price: $ 22

Recommends a strategy for reform of the Russian banking sector as part of an overall strategy to improve resource allocation in the economy. This study offers a three-to five-year strategy for making the banking sector in Russia more efficient in mobilizing financial savings, allocating resources, and processing payments. The strategy has three policy components:
* Phasing out the Central Bank's direct credit programs þ currently the main instrument of monetary policy þ and replacing them with a discount window and limited budgetary subsidies for certain enterprises in key areas
* Improving the commercial banking system through the International Standards Bank program, which will gradually phase in higher standards and regulations and encourage banks to adopt them voluntarily
* Restructuring the large specialized banks (Rosselkhozbank, Sberbank, and Promstroibank), that now provide credit and other banking services to agriculture, households and small enterprises, and large state-owned enterprises.
The study also recommends several high-priority improvements to Russia's financial infrastructure, including improvement of the legal framework, adoption of accounting and auditing standards, and overhaul of the payments system.

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