(Adds paragraphs 3-6)
MOSCOW, May 30 (RIA Novosti) - The Central Bank of Russia will lift reserve requirements for foreign currency operations on July 1, the CBR press office said Tuesday.
The decision is designed to ensure a smooth transition to foreign currency transactions without any restrictions from July 1, 2006 in line with the government's plans.
The lifting of the reserve requirement for foreign currency operations enables participants in foreign exchange transactions to receive earlier reserved funds.
Also from July 1, the Central Bank will lift the requirement for the obligatory use of special accounts for some foreign exchange operations.
The cancellation of these requirements will lift the remaining restrictions on achieving the ruble's full convertibility.
In his state of the nation address May 10, President Vladimir Putin said work on making the national currency fully convertible should be completed by July 1, six months ahead of the original deadline of January 1, 2007.
