Russia c.bank says scraps forex recommendation
MOSCOW, July 2 (Reuters) - Russia's central bank said on Thursday it was scrapping its recommendation for commercial banks not to increase net foreign currency assets from the third quarter due to the stabilisation of the forex market.
The recommendation was issued in October 2008 just before the central bank announced a start of the gradual devaluation of the rouble. The recommendation linked banks' foreign currency position to access to the central bank's liquidity.
The central bank said the recommendation had helped to curb the demand for foreign currency at the height of the crisis. The central bank said it will continue to monitor commercial banks' net foreign currency position.