Central Bank of Russia Cuts Commission for Forex Purchases by Individuals to 12%

Russia's central bank announced that it has decided to cut the commission for Forex purchases by individuals to 12%.

According to the central bank, it has conducted some additional analysis of the situation and, in order to support competitive market conditions and to maintain financial stability, it decided to cut the commission for Forex purchases.

"Effective March 4, 2022, the central bank is cutting the commission for Forex purchases by individuals via brokers from 30% to 12% and implements a commission of 12% of the amount of the transaction for business entities,"the bank said.

Due to the current situation in the financial market and in order to protect the rights and legitimate interests of investors in the financial markets, reduce risks and limit excessive volatility, last week, the Bank of Russia ordered brokers to suspend short selling on the exchange and over-the-counter market.