Senators approve law on private banks and financial institutions

The law was directed at forming legislative base for creation of private banks and financial institutions, based on private property, expanding competition and improving services to clients, etc.

Senators said that adoption of the law will help to create equal conditions of private banks and financial institutions, strengthen system of state for their activities, ensure their sustainable and effective operations of financial-banking system in line with international standards and cooperation, as well as development of competition in the area.