Cbank sets higher reserves for liabilities in unfriendly currencies

MOSCOW, Mar 21 (PRIME) -- The central bank has differentiated obligatory reserves’ size for the liabilities in the currencies of the friendly and unfriendly states at 5.5% and 7.5% respectively starting from April 1, the authority said in a statement on Tuesday.

"The central bank, in order to stimulate a change in the structure of banks’ foreign currency liabilities in favor of the currencies of the friendly states while keeping the conditions to cut the amount of foreign currencies on banking balances further, has set differentiated norms of obligatory reserves for the liabilities in the currencies of the unfriendly states and other foreign currencies for all credit organizations from April 1," the authority said.

The liabilities in the currencies of the unfriendly states of banks with a basic license are equaled to zero.

All other obligatory reserves rules will remain unchanged.

End