The Bank of Russia introduces a temporary relief in respect of compliance by credit institutions with the size (limits) of open foreign exchange positions, the press service of the regulator reports.

“The Bank of Russia, in addition to earlier decisions aimed at ensuring the stability of the financial sector, is introducing a temporary relaxation in relation to the obligatory observance by credit institutions of the size (limits) of open foreign exchange positions to facilitate the adaptation of banks to the current situation,” the CBR said in a statement.
The Bank of Russia measures to ease liabilities on banks’ foreign exchange positions will be in effect from February 18 to July 1, 2022.
The Bank of Russia informs that it will not take measures against credit institutions for non-compliance with the established limits in respect of open foreign exchange positions in certain foreign currencies and precious metals, the sum of all open foreign exchange positions in foreign currencies and precious metals, as well as the balancing position in rubles, provided that that this situation arose due to external circumstances, and the opportunity provided is not used by banks for speculative purposes.