May 14, 2022
  • May 14, 2022

Russian central bank offers crisis support to financial firms

By on March 8, 2022 0

People walk past the headquarters of the Central Bank in Moscow, Russia, February 11, 2019. REUTERS/Maxim Shemetov

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LONDON, March 8 (Reuters) – Russia’s central bank on Tuesday announced a series of measures to help financial market participants such as private pension funds and management companies deal with the current “crisis situation”, in particular by relaxing certain regulations.

Russian financial markets have been thrown into turmoil by severe economic sanctions following its invasion of Ukraine.

The central bank more than doubled its benchmark rate to 20% and provided additional liquidity to banks, and the government rolled out support measures, but the ruble fell and stocks like bonds sold off sharply. Read more

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In a statement on the Telegram messaging app, the central bank said its new measures included adapting regulatory requirements to new economic conditions, waiving penalties for certain regulatory violations if related to the current situation. of the market and the extension of the implementation deadlines for market players. certain rules.

He added that they were part of efforts to reduce the regulatory and supervisory burden.

The central bank restricted stock trading all of last week ahead of bank holidays Monday and Tuesday. On Tuesday, he said stock trading on the Moscow Stock Exchange would remain largely suspended again on Wednesday, but the forex market would open at 10 a.m. (0700 GMT). Read more

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Reuters Editing reporting by Mark Potter

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