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3 Mar, 2022 08:34

Russians discouraged from dumping ruble

Brokers instructed to charge 30% commission on foreign currency purchases
Russians discouraged from dumping ruble

The Central Bank of Russia has ordered brokers at the country’s FX exchange to charge individual clients a commission of at least 30% on the purchase of foreign currencies. These include the US dollar, the euro and the British pound. The policy takes effect on March 3.

“The 30% commission to purchase foreign currency on the exchange levels the playing field between banks and brokers. The banks can use the spread in the buying and selling exchange rates on foreign currency,” a Central Bank official explained to the Interfax news agency on Thursday.

The measure is also intended to discourage investors from selling the ruble in order to stabilize the domestic currency. The Russian ruble has fallen to a historic low against major currencies after the country was hit with severe sanctions in response to its military offensive in Ukraine.

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