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Russian central bank extends anti-crisis measures for banks
May 15, 2015 / 8:26 AM / 3 years ago

Russian central bank extends anti-crisis measures for banks

MOSCOW (Reuters) - Russia’s central bank on Friday extended anti-crisis measures aimed at helping the banking sector weather turmoil on Russian financial markets late last year.

Cars are parked outside the headquarters of the Bank of Russia in Moscow April 30, 2015. REUTERS/Sergei Karpukhin

The central bank said in a statement it had discussed the extension with bankers earlier this week.

In December, it temporarily allowed banks to use third-quarter exchange rates to value their risk-weighted assets and not to create loan-loss provisions for credits to companies suffering because of sanctions over Ukraine.

Those regulatory relaxations were meant to last until July 1 this year. But on Friday the bank extended the relaxation relating to loan-loss provisions until Oct. 1, and introduced new exchange rates for valuation of banks’ risk-weighted assets.

The new exchange rates are less favourable for banks than the previous ones but still better than the current market rate.

It decided not to extend a moratorium on banks’ declaring losses on their securities portfolio in their accounts.

Reporting by Alexander Winning and Elena Fabrichnaya,; Editing by Jason Bush

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