Bank of Russia moves effective date of new procedure for calculating amount of required reserves and date of amending mandatory reserve requirements to 1 April 2022

The effective date of Bank of Russia Regulation No. 753-P ‘On Credit Institutions’ Required Reserves’ is moved from 1 October 2021 to 1 April 2022¹.

Also, the Bank of Russia decided to move to 1 April 2022 the date of amending mandatory reserve requirements  connected with the issue of Regulation No. 753-P. Therefore, through 31 March 2022, the mandatory reserve requirements established by Bank of Russia Ordinance No. 5158-U, dated 31 May 2019, ‘On Mandatory Reserve Requirements’ will be in force. Among others, they include:

— required reserve ratios:

4.75% — on liabilities to individuals, non-resident legal entities and other Russian ruble-denominated liabilities (including long-term liabilities) for banks with a universal licence and non-bank credit institutions, as well as on Russian ruble-denominated liabilities to non-resident legal entities (including long-term liabilities) for banks with a basic licence;

1.00% — on liabilities to individuals, other Russian ruble-denominated liabilities (including long-term liabilities) for banks with a basic licence;

8.00% — on liabilities to individuals, non-resident legal entities and other foreign currency-denominated liabilities (including long-term liabilities) for banks with a universal licence, banks with a basic licence and non-bank credit institutions;

— required reserve averaging ratios:

0.8 — for banks with a universal licence and banks with a basic licence;

1.0 — for non-bank credit institutions.

¹ In accordance with Bank of Russia Ordinance No. 5939-U, dated 21 September 2021, ‘On Amending Certain Bank of Russia Regulations for Credit Institutions to Comply with Mandatory Reserve Requirements’ (registered with the Russian Ministry of Justice on 23 September 2021, No. 65105).

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24.09.2021 18.05.00