On amending required reserve ratios

The Bank of Russia will increase required reserve ratios by 1 percentage point from 1 July 2016 on credit institutions’ liabilities in the foreign currency. This decision was taken as a part of measures to discourage growth of foreign currency denominated liabilities in the liability structure of credit institutions.

The following required reserve ratios will be introduced from 1 July 2016:

• required reserve ratio on liabilities to non-resident legal entities in the currency of the Russian Federation — 4.25%;
• required reserve ratio on liabilities to non-resident legal entities in the foreign currency — 6.25%;
• required reserve ratio on liabilities to individuals in the currency of the Russian Federation — 4.25%;
• required reserve ratio on liabilities to individuals in the foreign currency — 5.25%;
• required reserve ratio on other liabilities in the currency of the Russian Federation — 4.25%;
• required reserve ratios on other liabilities in the foreign currency — 6.25%.

The introduced ratios will be in effect to regulate required reserves of credit institutions over the reporting period from 1 July 2016 to 1 August 2016. The required reserve averaging ratio used by credit institutions to calculate the required reserve averaged value remains unchanged.

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