Source Pravda.Ru

Russia continues policy on cutting number of banks

The number of banks registered in Russia was reduced by 609 in January 2003 to 1,164, the department of external and internal relations of the Russian Central Bank reported. At the same time, the number of commercial organizations other than banks remained unchanged at 53 last months. The total number of credit organizations operating in Russia totaled 1,817 as of February 1, 2003.