The regulator has introduced new rules for banks on currency circulation.
By the end of the year, the Central Bank introduced financial breaks. Now banks have the right not to comply with the limits on currency positions in dollars and euros. Open Currency positions (ORP) are the difference between financial liabilities and claims in a currency.
The regulator assured that the measures taken will reduce the costs of regulating positions in these currencies and the banks’ capitals will be provided in the required amount.
At the same time, the Central Bank warned banks against using the presented opportunity for speculative purposes.
After the introduction of sanctions by the European Union and the United States, the regulator has already introduced some easing of the ORP. Checks for non-compliance by banks with ORP limits of certain currencies and precious metals were canceled until July 1.
The Bank of Russia has warned that measures have been taken for the smooth operation of the financial market of the Russian Federation.
You may also be interested
- The Russian equivalent of SWIFT already uses 53 banks from 11 countries.
- Foreigners from the IT sector will be able to obtain a residence permit in a simplified manner.
- New procedure for importing goods to the Russian Federation
- Updates of legislation on international companies.
- Anti-crisis presidential decrees, how they will affect foreign economic business.
- Novelties in the legislation on currency residents.