The Central Bank introduced temporary currency relief for banks

by time news

In order to ensure the stability of the financial sector, the Central Bank will provide banks with relief on the size of open foreign exchange positions until July 1. The measure is introduced to “facilitate the adaptation of banks to the current situation,” the press service of the regulator said in a statement.

“The Bank of Russia will not apply measures to credit institutions for non-compliance with the established limits on open foreign exchange positions in certain foreign currencies and precious metals, the sum of all open foreign exchange positions in foreign currencies and precious metals, as well as the balancing position in rubles,” the source said. press service of the Central Bank.

Eases are possible if violations arose “due to external circumstances”, and banks do not pursue speculative goals. The measure will be in effect from February 18 to July 1.

At the same time, the regulator warned about monitoring the values ​​of open currency positions and the reasons for their change.

Earlier today, the Central Bank said that the Russian banking system is stable and has sufficient capital and liquidity to run smoothly in any situation. The funds of citizens on the accounts are saved and always available, banking services are provided as usual, and the cards of all banks in Russia work normally, the regulator noted.

“The Bank of Russia has the necessary resources and tools to maintain financial stability and ensure the operational continuity of the financial sector,” the Central Bank said in a statement.

The Central Bank recalled the Financial Message Transmission System (SPFS) of the Bank of Russia, which ensures the transmission of financial messages within the country “under any scenario.” The Central Bank made this statement against the backdrop of reports from Western countries about plans to disconnect a number of Russian banks from the international SWIFT system in connection with Russia’s military operation in Ukraine.

On February 25, the regulator announced that the Bank of Russia and the government would provide any necessary support to banks that fell under the sanctions of Western states.

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