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Russian Central Bank eyes clamping down on foreign currency borrowing

April 16, 15:53 UTC+3 MOSCOW

Last week Russian stocks had their biggest drop since March 2014

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© Alexandr Demyanchuk/TASS

MOSCOW, April 16. /TASS/. Russia’s Central Bank is considering more restrictions on provision of foreign currency loans, the regulator’s First Deputy Chairperson Kseniya Yudaeva said Monday, adding that an accumulated debt in foreign currency creates additional risks amid the current environment.

Last week Russian stocks had their biggest drop since March 2014, after the US authorities announced sanctions against a number of Russian officials, businessmen and companies. On April 9, shares of Russian firms, sovereign bonds and the ruble sharply declined in price, reacting to the sanctions announced on April 6.

"Amid this environment it is crucial for us to prevent a new wave of foreign currency risks accumulated in the system, which is why we are considering the option of imposing additional restrictions on provision of loans in foreign currency," she said.

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