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Russia extend advice on bank FX assets to end Q2

Posted on: April 1, 2009


Reuters – Wednesday, April 1

MOSCOW, March 31 – Russia’s central bank said on Tuesday it had extended its recommendation to commercial banks to not increase their foreign currency assets or foreign currency longs to the end of the second quarter.

“We have extended the recommendation to the end of the second quarter,” the central bank’s head of financial market operations, Sergei Shvetsov, told Reuters by telephone.

Currency traders said that if the central bank had not extended the recommendation then commercial banks could have boosted their foreign currency assets by selling roubles. (Reporting by Yelena Fabrichnaya, writing by Guy Faulconbridge, editing by Ron Askew)

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