The Association of Banks of Russia proposed that the Central Bank create a single body to take urgent support measures for banks that have correspondent accounts with organizations that have fallen under sanctions. This was reported on the association’s website.
The Association of Banks of Russia sent letters to the Bank of Russia and the government of the Russian Federation with a request to clarify the further actions of Russian banks that have correspondent accounts with organizations subject to sanctions. The letter also contains a proposal to create a single body in the Bank of Russia to take urgent measures with the involvement of representatives of the banking community.
The bankers proposed to introduce changes in the procedure for the Bank of Russia to carry out REPO operations (including foreign exchange), providing for an increase in the period of such operations on the basis of an auction up to a year, to liberalize the criteria for the formation of the Lombard List with the possibility of including shares of the largest Russian companies, bonds of corporate issuers and banks, to reduce deductions to the reserve fund. The letter contains a number of proposals for optimizing the conditions for conducting operations to provide and repay loans from the Bank of Russia. Bankers are also asking for stronger cash liquidity support, including in foreign currency, due to a temporary increase in demand for cash.