INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of March 9, 2016 No. 3978-U

About mandatory reserve requirements

1. According to the solution of the Board of directors of the Bank of Russia (the minutes of the Board of directors of the Bank of Russia of March 4, 2016 No. 5) mandatory reserve requirements (standard rates of required reserves, coefficient of averaging of required reserves) for the credit institutions performing deposition of required reserves according to the Provision of the Bank of Russia of December 1, 2015 No. 507-P "About required reserves of credit institutions", the registered Ministry of Justice of the Russian Federation on December 25, 2015 No. 40275 ("the Bulletin of the Bank of Russia" of December 30, 2015 No. 121), since April 1, 2016 are established in the following size.

1.1. Standard rates of required reserves:

according to obligations to legal entities - nonresidents in currency of the Russian Federation - percent 4,25;

according to obligations to legal entities - nonresidents in foreign currency - percent 5,25;

according to obligations to physical persons in currency of the Russian Federation - percent 4,25;

according to obligations to physical persons in foreign currency - percent 4,25;

according to other obligations of credit institutions in currency of the Russian Federation - percent 4,25;

according to other obligations of credit institutions in foreign currency - percent 5,25.

1.2. The coefficient of averaging of required reserves applied to calculation of average size of required reserves does not change and makes:

for banks - 0,8;

for non-bank credit institutions - 1,0.

The credit institutions specified in this subitem, having the right to expect the average size of required reserves each next period of averaging using coefficient of the averaging which is not exceeding 0,8 and 1,0, respectively.

2. This Instruction is subject to official publication and becomes effective since April 1, 2016.

3. The standard rates of required reserves specified in subitem 1.1 of Item of 1 this Instruction are applied since regulation of the size of required reserves of credit institutions for the accounting period from April 1 to May 1, 2016.

4. Since April 2, 2016 to declare invalid the Instruction of the Bank of Russia of December 28, 2015 No. 3924-U "About mandatory reserve requirements" ("the Bulletin of the Bank of Russia" of December 30, 2015 No. 121).

When carrying out regulation of the size of required reserves of credit institutions for the accounting period the standard rates of required reserves specified in subitem 1.1 of Item 1 of the Instruction of the Bank of Russia of December 28, 2015 to No. 3924-U "About mandatory reserve requirements" are applied from March 1 to April 1, 2016.

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