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CBR To Check Legality of Fees on FX Accounts

RUSSIA
  • The Russian central bank comments this morning, stating it will study the legality of plans by some banks to impose fees on FX accounts, adding that lenders should not worsen conditions for existing clients.
  • The headlines follow a Kommersant report overnight that banks are beginning to introduce fees on their foreign currency accounts in Russia, as the accounts themselves become increasingly unprofitable to maintain and as banks remain cautious of further sanctions pressures. As a result, the fees are being installed to incentivise clients to switch to RUB, or send the foreign currency overseas.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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