off-the-wire

Russia's central bank adopts new rules encouraging banks to shift forex to 'friendly' currencies

Kitco Media
By Reuters
Published:
Updated:
Reuters
MOSCOW, March 21 (Reuters) - Russia's central bank on Tuesday outlined new rules incentivising Russian banks to adjust their forex holdings to favour currencies of countries Moscow recognises as "friendly" from April 1.


In a statement, the regulator said that the required reserve ratio for currencies of "unfriendly" countries would be set at 7.5%, while the ratio for friendly countries' currencies would be 5.5%.


Russia has designated the United States, European Union member states and a string of other countries that have imposed sanctions against it as "unfriendly". (Reporting by Reuters; Editing by Mark Trevelyan)

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