Bank of Russia sets reserve rates for bank liabilities in unfriendly currencies
MOSCOW, March 21 – RIA Novosti. The Central Bank of Russia has set differentiated reserve rates for liabilities in friendly and non-friendly currencies from April 1. Web site regulator.
“In order to promote a change in the structure of the foreign exchange liabilities of credit institutions in favor of the currencies of friendly countries, and at the same time maintain the conditions for a further general devaluation of bank balance sheets, the Bank of Russia has established differentiated norms. In the message on the Central Bank’s website, “unfriendly country Required reserves to all credit institutions for liabilities in currencies and other foreign currencies.
Central Bank obliges banks to use Russian services for internal transfers
It has been announced that the said provisions will be 7.5% for all segregated liability categories in hostile currencies and 5.5% for all FX segregated liability categories excluding liabilities in hostile currencies. At the same time, the liability amount of banks with a base license in hostile country currencies is assumed to be zero.
The regulator said, “The new reserve requirement ratios have started to be implemented as of the regulation regarding the required reserve amount for April 2023. Other required reserve ratios have not changed.”
The Central Bank expanded the ban on banks receiving commissions in exchange for foreign exchange withdrawals from accounts.
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