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The Central Bank has announced mandatory reserve amounts to apply as of 1 November 2009
Practical Law UK Legal Update 4-500-4996 (Approx. 2 pages)
The Central Bank has announced mandatory reserve amounts to apply as of 1 November 2009
by White & Case LLP
| Published on 13 Sep 2013 • Russian Federation |
This article is part of the PLC Global Finance September e-mail update for the Russian Federation.
Speedread
The Central Bank has issued a new directive setting out the mandatory reserves for a credit organisation's obligations under each category (for example, obligations to non-resident legal entities and individuals, and other obligations in rubles or foreign currencies).
On 17 September 2009 the Central Bank issued Directive No. 2295-U regarding mandatory reserves required for various obligations of credit organisations. The Directive will enter into force on 1 November 2009.
The Directive provides that the mandatory reserves for a credit organisation's obligations under each category (that is, obligations to non-resident legal entities and individuals, and other obligations in rubles or foreign currencies) will be 2.5% as of 1 November 2009, being the same as the current amount.
As of 1 November 2009, the so-called averaging co-efficient is set at 0.6 (and is 1 for non-banking credit organisations), which is also unchanged from the current co-efficients.