Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Currency Traders Face Fines

Bank exchange points that violate Central Bank currency regulations will henceforward be fined up to 0.1 percent of their charter capital, Central Bank currency regulation head Viktor Melnikov announced at a briefing.


"It's a rigorous punishment, because individual banks run dozens of exchange offices," Interfax reported Melnikov as saying Monday.


The new regulations, registered at the Justice Ministry last Thursday, are scheduled to go into effect next week, he said.


Exchange points that refuse to accept foreign currency with physical defects, charge commissions over 2 percent or offer clients rates lower than those advertised are liable to be fined, Melnikov said, according to business newspaper Kommersant Daily. The Central Bank will examine a bank's exchange offices after receiving one written complaint or three telephone calls, he said.


Currency booths will be required to post information telling customers where to direct complaints on exchange violations, Melnikov said.


The move is intended as an attempt to deflect an expected sharp increase in currency regulation violations following the introduction of new $100 bills to Russia sometime over the next month, Kommersant Daily wrote.