The National Bank has tightened the reserve requirements for long-term foreign currency deposits of legal entities and individuals from 3% to 5%, and for short-term foreign currency deposits from 9% to 10%. The reserve requirements for foreign currency deposits of individuals on demand and on current accounts increased from 10% to 15%. The reserve ratio of foreign currency assets (other than Russian rubles) by non-resident banks and financial institutions of non-residents was raised from 3% to 5%. The foreign currency deposit ratio for legal entities on demand and current accounts remained unchanged at 10%.
The measures aim to de-dollarize the economy and create preferential conditions for the banks to attract funds in national currency.
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