ST. PETERSBURG, June 8 (RIA Novosti) - Russia's Central Bank could raise commercial banks' obligatory reserve requirements for overseas capital to control capital movements, the CBR chairman said Thursday.
From July 1, Russia's monetary authorities are lifting reserve requirements for foreign currency transactions in a move to ensure the country's smooth transition to forex operations with no restrictions and make the ruble fully convertible.
Sergei Ignatyev said banks' obligatory reserve requirement was 3.5% for household and corporate deposits and 2% for overseas funds.
"We could discuss the issue of leveling out these requirements to make banks less interested in attracting funds from abroad," Ignatyev said.