The Bank of Russia introduces a temporary relaxation in relation to the observance by credit institutions of the size (limits) of open currency positions, the press service of the regulator reports.

„The Bank of Russia, in addition to previously adopted decisions aimed at ensuring the stability of the financial sector, introduces a temporary relaxation regarding the obligation of credit institutions to comply with the size (limits) of open currency positions to facilitate the adaptation of banks to the current situation,” the Central Bank of the Russian Federation said in a statement.
The Bank of Russia’s measures to weaken the liabilities on foreign exchange positions of banks will be valid from February 18 to July 1, 2022.
The Bank of Russia informs that it will not apply measures to credit institutions for non-compliance with the established limits in respect of open currency positions in certain foreign currencies and precious metals, the amount of all open currency positions in foreign currencies and precious metals, as well as a balancing position in rubles, provided that this situation arose due to external circumstances, and the opportunity provided is not used by banks for speculative purposes.