Ban on Cross-Deposit at Banks

The SBV recently issued Circular 21 on lending, borrowing; and repo of valuable papers among credit institutions and foreign bank branches. Accordingly, foreign bank branches are not allowed to deposit their money and receive deposits (excluding payment deposits) in credit institutions and other foreign bank branches.

 

Besides, lending and borrowing are conducted only by the head offices of credit institutions and foreign bank branches. Meanwhile, the period of the transactions is below one year.