Home Finance Russian cenbank eases caps on banks’ open foreign currency positions

Russian cenbank eases caps on banks’ open foreign currency positions

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Folks stroll previous the Central Financial institution headquarters in Moscow, Russia February 11, 2019. REUTERS/Maxim Shemetov/File Photograph

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MOSCOW, Feb 27 (Reuters) – Russia’s central financial institution stated on Sunday it was quickly easing restrictions on banks’ open international forex positions after the West determined to dam sure Russian banks’ entry to the SWIFT worldwide fee system over the preventing in Ukraine.

The measure, permitting banks affected by “exterior circumstances” to maintain positions above the official limits, will probably be in place till July 1, it stated in a press release.

The central financial institution stated that it might proceed to observe modifications in forex positions “with a purpose to assure the traditional functioning of the forex and cash markets and the monetary stability of lending establishments”.

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Reporting by Elena Fabrichnaya; Writing by Andrei Khalip; Modifying by David Clarke

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