On changing the averaging ratio used to calculate the average value of required reserves of credit institutions

The Bank of Russia Board of Directors decided, effective 10 December 2013, to raise to 0.7 the averaging ratio used by credit institutions (excluding non-bank settlement credit institutions and non-bank credit institutions that are authorised to make account-free funds transfers and other related banking operations) to calculate the average value of required reserves in compliance with Bank of Russia Regulation No. 342-P, dated 7 August 2009, ‘On Credit Institutions’ Required Reserves’. The impact of this decision on monetary policy stance is neutral. The decision was taken to build up the capacity of credit institutions to manage their own liquidity. The influence of this measure on the banking sector’s demand for liquidity will be taken into account in setting the limit on auction-based repo operations.

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19.11.2013 00.00.00