The Bank of Russia reduced the commission for the purchase of foreign currency from 30 to 12%

Банк России снизил комиссию за покупку валюты с 30 до 12%

4 In March, the regulator reduced the commission for the purchase of currency through brokers.

On favorable terms

"Bank of Russia, additional analysis of the situation, to equalize competitive conditions in the market and maintain financial stability with 4 March 2022 reduces the commission for individuals on operations for the purchase of foreign currency through brokers with 30 to 12% and establishes a commission for legal entities at the level of 12% of the transaction amount», — announced the regulator.

The bank did not specify, for the purchase of which currencies the commission is valid. The day before, 3 Martha, Brokers Reported, that the bank ordered them to charge a fee of at least 30% buying dollars, euros and pounds.

The regulator explained its decision as follows:: "30% commission, which brokers must take from individuals when buying currency on the stock exchange, simply equalizes competitive conditions between banks and brokers, because banks have the opportunity to use the spread between the rate of purchase and sale of currency".

Spread is the difference between the best buy and sell prices. For example, buyer can buy a dollar for 110 P and immediately sell by 108 R. The difference of two rubles is the spread.

On the exchange, the spread for currencies is a fraction of a percent. In banks, the spread is noticeably larger.. When the regulator introduces a commission for the purchase of currency on the stock exchange, it encourages shoppers to go to banks. So he wants to support the banking system in the face of sanctions. Another possible reason is to reduce the desire of Russians to massively buy currency..

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