Official: Russia developing bill on irrevocable long-term deposits

KAZAN, Sep 22 (PRIME) -- The Russian authorities are preparing a bill on irrevocable long-term deposits, Anatoly Aksakov, head of the State Duma's financial market committee, said on the sidelines of a banking forum on Thursday.

"This will be long-term deposits, of more than three years, then they can be irrevocable. The interest on them could be higher, obviously," he said, adding that the bill has not been submitted to the State Duma yet.

Deputy Finance Minister Alexei Moiseyev said earlier that the ministry would like Russia to introduce irrevocable deposits, which would be fully insured by the Deposit Insurance Agency (DIA).

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