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Russian Central Bank may limit currency exchange spreads for banks

December 18, 2014, 22:01 UTC+3 MOSCOW
Any administrative measures have their pros and contras, but if needed the Central Bank can act harsher to freeze the speculators' enthusiasm, Deputy Chairman Mikhail Sukhov says
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© Artyom Korotaev/TASS

MOSCOW, December 18. /TASS/. The Russian Central Bank may introduce limits on the spread between purchase and sale rates of foreign currencies for the country’s banks to prevent speculations with retail clients seeking to exchange money, Deputy Chairman Mikhail Sukhov told reporters Thursday.

“We will look at the duration and scale of this phenomenon. Any administrative measures have their pros and contras, but if we need to act harsher to freeze the enthusiasm, we will act this way,” Sukhov said.

The limit on the difference between a bank’s currency purchase and sale rate was 15% until 2014 but since the measure was abolished, some banks set a spread of up to 10 rubles for currency exchange during periods of the fastest ruble weakening.

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