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Operations of banks and payment system, and Bank of Russia operations from 30 March through 3 April

26 March 2020
Press release

In pursuance of Executive Order of the Russian President No. 206, dated 25 March 2020, ‘On Declaring Non-work Days in the Russian Federation’, the Bank of Russia informs parties concerned of the following.

The Bank of Russia recommends that from 30 March through 3 April 2020 credit institutions carry out their daily operations in the mode similar to the one of New Year holidays, make up lists of their on-duty bank branches, with the information on their working hours to be posted on credit institutions’ websites.

Within the specified period, credit institutions shall also ensure that legal entities may withdraw funds meant for paying wages and other social benefits in a business-as-usual manner.

The Bank of Russia recommends that banks ensure the provision of all remote services to clients, including the operation of ATMs and self-service devices, mobile banking and online funds transfer systems.

While servicing their clients, credit institutions should take into consideration the operation mode of the Bank of Russia Payment System and how cash services are rendered to clients (credit institutions and the Federal Treasury).

Operations of the Bank of Russia Payment System and provision of cash services to Bank of Russia clients

Over the period from 30 March through 3 April 2020, the Bank of Russia Payment System and the Faster Payments System will operate in business-as-usual mode, similar to their operations on week-days. Cash services will be provided to Bank of Russia clients (credit institutions and the Federal Treasury) in the same operational mode.

Mir Payment System, as other payment systems operating in the Russian market, will also function in business-as-usual mode.

Bank of Russia’s operations

The Bank of Russia will continue to conduct liquidity provision and absorption operations, as well as transactions in the domestic foreign exchange market, taking into consideration the following:

  • fixed-rate repos will be conducted on 27, 30, 31 March and 1, 2, 3 April 2020 on a daily basis, with the first leg — on the day of a respective transaction, and the second leg — on 6 April 2020;
  • Bank of Russia secured loans will be granted based on applications as part of standard and specialised refinancing facilities on 27, 30, 31 March and 1, 2, 3 April 2020, with maturity dates no earlier than 6 April 2020;
  • Bank of Russia loans, with due dates falling within the period from 30 March through 3 April 2020, will be repaid on 6 April 2020;
  • early repayment of Bank of Russia loans initiated by credit institutions may be performed from 30 March through 3 April 2020;
  • overnight deposit operations will be conducted on 27, 30, 31 March and 1, 2, 3 April 2020, with funds to be deposited on the day of a respective operation, and the date of deposit repayment and interest payment to be set on 6 April 2020;
  • funds placed under the one-week deposit auction held on 24 March 2020 will be repaid on 1 April 2020;
  • a one-week deposit auction will be held on 31 March 2020, with the date of depositing funds to be set on 1 April 2020;
  • fine-tuning auctions will be held if need be and given the liquidity situation in the banking sector;
  • FX swaps will be conducted in the domestic FX market on standard conditions on 27, 30, 31 March and 1, 2, 3 April 2020;
  • operations to buy (sell) foreign currency in the course of exchange trading on MOEX will be conducted on 27, 30, 31 March and 1, 2, 3 April 2020, with the settlement date on the next trading day;
  • from 30 March through 3 April 2020, documents related to the formation of a collateral pool will be accepted according to the standard procedure.

Accounting records

To minimise the actual presence of credit institutions’ accounting employees at workplaces from 30 March through 3 April 2020, the Bank of Russia emphasises that its Regulation No. 579-P, dated 27 February 2017, ‘On the Chart of Accounts at Credit Institutions and the Procedure for Using It’ does not require the compilation of a daily balance sheet for non-work days. According to Cl. 1.3 Part III of Regulation No. 579-P, transactions performed on non-work days shall be recorded in primary accounting documents as of the calendar dates when respective transactions were actually carried out and may be recognised in accounting by one of the following methods stipulated by the accounting policy:

  • as of separate operational days, with daily balance sheets and documents to be compiled for respective calendar dates;
  • in the standard forms of analytical and synthetic accounting as of the operational day following the non-work days (6 April 2020).

In view of the above, credit institutions shall make independent decisions on scheduling an operational day from 30 March through 3 April, its duration, and the method for recognising transactions conducted on such day in their accounting records.

Credit institutions’ reporting to be submitted to the Bank of Russia

If the last day of the period for submitting reports and other information to the Bank of Russia (except cases when information is required in compliance with supervisory orders and inquiries) falls on the above period of time, 6 April 2020 shall be deemed to be the last day for submitting the reporting.

The reference to the Press Service is mandatory if you intend to use this material.