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CB force banks to lower interest rates on deposits in foreign currency
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effective measure to prevent an influx of speculative money might be to raise the standards of obligatory reserves for banks’ liabilities to nonresidents and foreign currency deposits of the population, according to a Central Bank “Financial Stability Report for 2009″.
Central Bank requires banks to establish reserves for all types of borrowed funds. Since October 2008, he equated the reserves on ruble and foreign currency deposits, as well as other obligations. It was the same until July 2007 In this period the funds in the currency required additional redundancy in 0,5%.
Since August last year, required reserves amount to 2,5% of the volume of attracted funds.
increase the norm to bring a non-resident foreign currency deposits would lead to the fact that banks will have to look for any opportunity to add more currencies, or reduce its attraction, said the president of the Club of bank accountants Cyril Parfenov . Given the statements of representatives of the Central Bank at the last meeting with the bankers, the regulator expects the second scenario, says Parfenov. According to him, representatives of the Central Bank does not rule out including the introduction of mandatory regulation in the balance of the share exchange.
Bank also considering raising taxes related to foreign loans of the corporate sector, and considers it necessary to control the volume of external loans to companies with state participation, the report said the regulator.
largest share of foreign currency deposits at 1 February in liabilities Krosno Bank (52%), “M2M Private Bank (45,1%) , “Alba Alliance” (40,7%), and the bank Mosoblbanka “Istok” (by 37,1%), considered the chief of analytical department of BKF bank Maxim Osadchy.
CB already begun to show interest in foreign exchange rates. One of the banks in late February, received a letter from the regulator, which notes that rates on foreign currency deposits in the bank exceed the market average. I want to justify this policy within three days. Head of the bank with a large proportion of foreign currency deposits said that it had received indications from the Bank to reduce rates or the proportion of involvement in the currency.
CB at the time of article did not answer the query “Vedomosti”.
By increasing the reserve Bank seeks not so much influence on speculative capital, much to reduce the interest of the public and banks in the currency, analysts believe “Renaissance Capital” Alex Moiseyev.
