On amending required reserve ratios

The Bank of Russian will increase required reserve ratios by 1 percentage point to 5.25% from 1 April 2016 on credit institutions’ liabilities in the foreign currency, excluding liabilities to individuals. This measure is intended 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 April 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 — 5.25%;
• 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 — 4.25%;
• 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 — 5.25%.

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

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04.03.2016 00.00.00