Effective date of new procedure for calculating required reserves

The Bank of Russia intends to postpone the effective date of Bank of Russia Regulation No. 753-P, dated 11 January 2021, ‘On Credit Institutions’ Required Reserves’ (Regulation No. 753-P) from 1 October 2021 to 1 April 2022. The decision is based on credit institutions’ proposals, including after pilot testing, to amend several clauses of the document.

Through the end of this year, the Bank of Russia will determine the need for updates to the new procedure for calculating required reserves. This will involve additional consultations with credit institutions to develop approaches to adjusting the new procedure with regard to the use, on an average monthly basis, of data on balances in individual balance sheet accounts.

Concurrent with the postponement of the effective date of Regulation No. 753-P, the effective date of changes to required reserve requirementswill be deferred from 1 October 2021 to 1 April 2022.

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14.09.2021 18.00.00