July 23, 2018 / 9:50 AM / a month ago

Russia's central bank to raise provisions on bank forex deposits

MOSCOW (Reuters) - Russia’s central bank will increase mandatory provisions requirements on retail foreign currency deposits to 7 from 6 percent from August 1, it said on Monday.

It will raise provisions on corporate forex deposits to 8 from 7 percent while requirements on rouble deposits remain unchanged.

The central bank is gradually tightening requirements on banks’ forex operations trying to limit forex exposure in the economy after 2014 Western sanctions and a fall in oil prices triggered a fall in the rouble.

Reporting by Katya Golubkova; editing by Jason Neely

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