6 Oct 2014 18:47

Putin signs law raising state's share of Central Bank earnings to 75%

MOSCOW. Oct 6 (Interfax) - President Vladimir Putin has signed into law a bill that raises the federal budget's share of Central Bank earnings to 75%, according to the information disclosure portal.

The bill, approved by the State Duma on September 19 and the Federation Council on October 1, amends the law on the Central Bank.

The new law enters force on January 1, 2016. It will apply to actual Central Bank profits in 2015 and in subsequent years.

The budget previously received 50% of Central Bank earnings. An amendment to the budget law requires the Central Bank to contribute 75% of net profit in 2013 and 2014 to the treasury.