Increased amount of mandatory reserves to be deposited by banks with the Central Bank | Practical Law

Increased amount of mandatory reserves to be deposited by banks with the Central Bank | Practical Law

This article is part of the PLC Global Finance April 2011 e-mail update for the Russian Federation.

Increased amount of mandatory reserves to be deposited by banks with the Central Bank

by White & Case LLP
Published on 05 May 2011 • Russian Federation
This article is part of the PLC Global Finance April 2011 e-mail update for the Russian Federation.
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On 25 March 2011, the Central Bank issued Directive No. 2601-U increasing mandatory reserves required for various obligations of credit organizations. The Directive entered into force on 25 March 2011.
On 25 March 2011, the Central Bank issued Directive No. 2601-U increasing mandatory reserves required for various obligations of credit organizations. The Directive entered into force on 25 March 2011.
According to the Directive, starting from 1 April 2011 mandatory reserves for a credit organization's obligations (in rubles or foreign currencies) are as follows:
  • Under obligations to non-resident legal entities: 5.5%.
  • Under obligations to individuals: 4%.
  • Under other obligations: 4%.