Tag Russian Central Bank
Economics | Business  | 03.03.22

Russian Central Bank Introduced 30% Commission for Buying Currency

The Central Bank of the Russian Federation has introduced a commission of 30 per cent for individuals when buying currency on the stock exchange. According to the regulator, the commission charged by brokers from individuals when buying currency on the exchange equalizes competition between banks and brokers.  “The 30 per cent commission that brokers must

Economics | Business  | 22.02.22

Russia’s Central Bank Announced Support Measures for Russian Banks

The Bank of Russia has allowed credit institutions to temporarily not reflect the negative revaluation of securities on their balance sheets so that this does not worsen their performance. The regulator has already applied similar measures in 2014 and 2020.  Russian banks will be able to not recognize losses due to the depreciation of securities

Economics | Business  | 31.01.22

Russian Banks Increased Net Profit by Almost 50%

Russian banks in 2021 increased their net profit by 47 per cent, to 2.363 trillion rubles compared to 1.608 trillion rubles of profit in 2020, which follows from the review of the Russian Central Bank, which has predicted earlier that the net profit of banks in 2021 will be a record and will amount to

Economics | Business  | 26.01.22

Russian Ministry of Finance Opposed Ban on Cryptocurrencies

According to the Director of the Financial Policy Department of the Russian Ministry of Finance, Ivan Chebeskov, the ban on operations with cryptocurrencies and mining will lead to the country lagging behind in the high-tech industry. Therefore, the Ministry of Finance advocates the regulation of cryptocurrencies instead of banning them.   The director of the department

Economics | Business  | 24.01.22

Russian Central Bank Stopped Buying Foreign Currency

The Bank of Russia announced the suspension of currency purchases on the market as part of the budget rule in order to “reduce the volatility of financial markets.”  The decision to stop purchases was made after a sharp decline in the ruble exchange rate. During the auction on January 24, the dollar value exceeded 79

Economics | Business  | 20.01.22

Russian Central Bank Stands for Ban on Cryptocurrencies

The Bank of Russia has unveiled proposals that would see the sale, mining, and circulation of cryptocurrencies banned as part of a radical move that finance chiefs say would protect the economy from the risks associated with digital currencies.   “The growing interest of Russian citizens, a significant amount of investments and high risks of transactions

Economics | Business  | 27.12.21

Russian Central Bank to Start Controlling All P2P Transactions

The Central Bank will start requesting data from banks on all money transfers between individuals. This is seen as a necessary measure to fight illegal online casinos, crypto exchanges, and businesses that accept payments on personal cards.  The Bank of Russia has sent a new form of reporting on money transfers between individuals to the

Recommended | Economics | Business  | 14.05.20

Russian Central Bank Reduced Loss Almost Threefold

The Central Bank of Russia reduced the loss almost threefold in 2019, which follows from the bank’s annual report. The report states that the losses were reduced to 182.6 billion rubles against 434.7 billion rubles in 2018. Over the year, revenues increased by 9.14 per cent (to 630.7 billion rubles), expenses fell by 27.9 per

Recommended | Economics | Business  | 28.11.19

Central Bank: Russia is Now Far Less Dependent on US Dollar

“Russia is ready to significantly reduce its dependence on foreign financing,” Alexander Morozov, chief of the Research and Forecasting department at the Central Bank of Russia, has told Russian broadcaster RT.   Moscow has been dumping the US dollar from its international reserves, halving its share to around 24 % in one year. The diversification