October 3, 2016 / 3:22 PM / a year ago

Russia cbank's chief: taking charge of monetary policy standard practice

MOSCOW, Oct 3 (Reuters) - The head of Russia's central bank, Elvira Nabiullina, said on Monday that a move to make her personally responsible for monetary policy was "a standard decision, taken in many countries in the world."

Nabiullina added that far-reaching changes to banking regulation were needed to solve problems in the sector.

As part of those changes, the central bank will establish a standalone department that will oversee the closure and financial rehabilitation of banks and other financial institutions. (Reporting by Alexander Winning and Andrey Ostroukh; Editing by Christian Lowe)

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