ANNOUNCED AS TEMPORARYNo
Controls on credit operations
On 31 May 2019, the Bank of Russia decided to raise Russian banks' reserve requirements on foreign-currency-denominated liabilities to individuals by 1 percentage point, to 8%, effective 1 July 2019. Ruble-denominated liabilities require a reserve of 4.75% or 1% depending on the type of credit institution.
According to the Bank press-release, the higher requirement is "to discourage growth of foreign currency-denominated liabilities in credit institutions’ liability structure.". Other required reserve ratios remain unchanged.
The decision follows the trend of increasing difference in reserve requirements between the ruble and foreign-currency-denominated liabilities, which started in April 2016.
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