Bank of Russia introduces requirements for displaying exchange rate information

The draft ordinance sets out the requirements for providing information on exchange rates. According to these requirements, exchange rates may only be displayed inside the premises of a credit institution or its branch. While displaying the exchange rates outside the bank’s premises is prohibited, this ban does not apply to other types of information, e.g. a list of currencies the bank deals with.

This measure aims at preventing illegal currency exchange offices from operating and at protecting the rights of financial services consumers.

The draft ordinance was developed in line with the Bank of Russia mandate accorded by the amendments to the Federal Law ‘On Foreign Exchange Regulation and Foreign Exchange Control’ signed by the Russian President earlier today.