The Ministry of Economic Development proposed a way to service corporate foreign currency accounts

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The Ministry of Economic Development has developed a procedure for banks to work with corporate deposits opened in foreign currency. Banks will be allowed to reduce costs with the help of commissions.

In fact, the authorities gave permission to introduce negative interest on foreign currency accounts for legal entities. The draft law, drawn up by experts from the Ministry of Economic Development, suggests that banks will be able to impose commissions for servicing accounts that exceed the percentages established by the agreement. The amendments, which should reduce the amount of currency in Russian banks, have already received the support of the Ministry of Finance and the Central Bank.

Representatives of the Central Bank said that experts from the regulator took an active part in the development of the bill. If it is approved, the amendments will come into force within 10 days after the official publication. The purpose of the regulator is to rid the Russian economy of the high connection with foreign currencies. According to information from the Bank of Russia, the amendments will have retroactive effect – that is, they will affect not only new agreements that corporate clients will conclude with banking organizations, but also existing ones.

The draft law of the Ministry of Economic Development will amend the law on banking. These amendments allow banks to introduce a commission for servicing foreign currency accounts opened by legal entities. The amount of this commission may be greater than the interest accrued on the deposit.

In recent months, Russian banks have faced problems when dealing with foreign currency. Dollar rates on deposits became higher than ruble ones, that is, in fact, banking organizations had to pay extra for the placement of currency.

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