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Russian central bank eases caps on banks’ open foreign currency positions -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – People pass the Central Bank Headquarters in Moscow on February 11, 2019, Russia. REUTERS/Maxim Shemetov/File Photo

MOSCOW (Reuters – Russia’s central bank stated Sunday that it had temporarily lifted restrictions on foreign currency position openings for banks after blocking certain Russian banks access to SWIFT’s international payment system. This was in response to West’s decision to stop some Russian banks from using the SWIFT service.

It will allow banks that are in “external situations” to maintain positions higher than the official limit until July 1, according to a statement.

The central bank stated that it would monitor currency movements “in order for the normal functioning and financial stability of lending institutions and the money market to continue its surveillance”.

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