The Central Bank recommended that banks bring the exchange rate closer to the exchange rate for importers and those who have foreign exchange obligations, RBC found out. The conditions for the purchase of foreign currency for other companies, on the contrary, are ordered to worsen
Photo: Oleg Yakovlev / RBC
The Bank of Russia recommended that credit institutions adjust their approaches to setting foreign currency purchase and sale rates for legal entities, follows from a letter from the Central Bank to credit institutions, which was sent out on March 30. RBC got acquainted with its content, the authenticity was confirmed by sources in three Russian banks. The list of recipients in the document is not disclosed, it was sent to credit institutions “according to the list.” RBC sent a request to the Central Bank.
As follows from the letter, the Bank of Russia recommends that players use the following approaches when working with corporate clients:
- For importing companies that purchase foreign currency for settlements under import contracts, the maximum deviation of the exchange rate in the bank from the exchange level should not exceed 2 rubles;
- The same maximum deviation is proposed to be set for corporate clients with foreign currency loans or Eurobonds, if the currency is purchased for settlements on such obligations;
- For legal entities that buy currency for transactions with the permission of a special government commission, the purchase price must also not exceed the exchange rate by more than 2 rubles;
- For other companies, on the contrary, it is proposed to expand the range of spreads (the difference between the purchase and sale prices of currencies) for exchange transactions in dollars, euros and pounds sterling. Banks are recommended to set rates with a deviation of at least 10 rubles. from stock levels. Thus, the currency exchange conditions for them will be less favorable.
The Central Bank suggested that banks change the conditions for conducting exchange transactions for businesses in order to ensure stability in the financial market and prevent a “significant increase” in banks’ foreign currency obligations to legal entities and individuals, the document says. It does not indicate for how long such recommendations of the Central Bank are being introduced. The instruction was received by banks against the backdrop of a sharp decline in the dollar and euro on the stock exchange: as of 15:40 Moscow time on Wednesday, March 30, the dollar traded at 84.6 rubles, and the euro – at 94 rubles. As early as Monday morning, the dollar quotes were above 93 rubles, and the euro – above 100 rubles.
On March 10, the Bank of Russia introduced restrictions for six months on the issuance of cash foreign currency to clients – legal entities and individual entrepreneurs (IP). The standard limit for Russian residents is up to $5,000 in cash or the equivalent in euros, pounds sterling, Japanese yen to pay or reimburse travel expenses for employees traveling abroad. Non-residents will not be able to withdraw cash in dollars, euros, pounds sterling or yen from accounts and deposits until September 10th. Restrictions also apply to the withdrawal of cash currency by individuals.