TEN RUSSIAN COMMERCIAL AND CENTRAL BANKERS VISITED THE FEDERAL RESERVE BANK OF ATLANTA ON FRIDAY AUG. 6 AS PART OF A TWO-MONTH AMERICAN VISIT TO STUDY U.S. COMMERCIAL AND CENTRAL BANKING ACTIVITIES.
AT THE ATLANTA FED, THE VISITORS TOOK A TOUR OF VARIOUS AREAS OF THE BANK, INCLUDING CASH SERVICES (COUNTING, SHREDDING), CHECK COLLECTION AND ELECTRONIC FUNDS TRANSFER DEPARTMENTS.
SEVERAL ATLANTA FED OFFICIALS DISCUSSED THE ROLE OF THE FEDERAL RESERVE VIS-A-VIS THE ECONOMY AND THE FINANCIAL SYSTEM, BANK EXAMINATIONS AND INTERNATIONAL BANKING REGULATIONS.
THE ATLANTA GUESTS WERE AMONG MORE THAN 250 RUSSIAN PROFESSIONALS WHO VISITED COMMERCIAL AND DISTRICT FEDERAL RESERVE BANKS AROUND THE COUNTRY. THE EIGHT-WEEK PROGRAM WAS NAMED THE ACADEMY FOR ADVANCED STUDIES IN BANKING AND FINANCE, WHICH WAS DEVELOPED UNDER THE UMBRELLA OF THE RUSSIAN-AMERICAN BANKERS FORUM, A MAJOR INITIATIVE TO ASSIST RUSSIA IN THE DEVELOPMENT OF ITS BANKING AND FINANCIAL SYSTEM INFRASTRUCTURE.
THE FORUM WAS CREATED IN 1992 IN RESPONSE TO A REQUEST BY RUSSIAN PRESIDENT BORIS YELTSIN. THE FEDERAL RESERVE SYSTEM IN COOPERATION WITH THE FINANCIAL SERVICES VOLUNTEER CORPS (FSCV) AGREED TO A JOINT PUBLIC SECTOR-PRIVATE SECTOR EFFORT TO PROVIDE THE BROAD-BASED TECHNICAL ASSISTANCE AIMED AT REFORM OF THE RUSSIAN BANKING AND FINANCIAL SYSTEM. THE FSVC IS A PRIVATE-SECTOR ORGANIZATIONS THAT PROVIDES TECHNICAL EXPERTISE IN FINANCIAL MATTERS IN EMERGING MARKET ECONOMIES.
THE VISITORS RECEIVED FIVE WEEKS OF FORMAL INSTRUCTION AT FAIRFIELD UNIVERSITY IN CONNECTICUT ON SUCH SUBJECTS AS THE ROLE OF THE BANKING SYSTEM, MONETARY POLICY AND SAFETY, SOUNDNESS AND BANK SUPERVISION. DURING THE FOLLOWING THREE WEEKS, THEY WERE ASSIGNED TO THE MORE THAN 60 COMMERCIAL BANKS ACROSS THE COUNTRY THAT PARTICIPATED IN THE PROGRAM, INCLUDING THREE FROM GEORGIA: ROSSVILLE BANK, ROSSVILLE; UNITED BANK CORP., BARNESVILLE AND WACHOVIA BANK OF GEORGIA, ATLANTA.