Out of Sight, Out of Mind

DSCN1726Goodbye to all that. Exchange rates for the US dollar and the euro, as displayed electronically on the door of Zauber Bank, Ligovsky Prospect, September 19, 2018. Photo by the Russian Reader

Putin Signs Law Banning Outdoor Currency Exchange Rate Electronic Display Boards
Delovoi Peterburg
December 18, 2018

President Putin has signed a law banning outdoor foreign currency exchange rate electronic display boards. The document was published on the Legal Information Website on Tuesday, December 18.

The document amends the law on foreign currency regulation. The Russian Central Bank now has the right to regulate how commercial banks post information about foreign currency exchange rates.

In Febrary 2018, the Central Bank proposed banning foreign currency exchange rate electronic display boards outside the premises of banks. The regulator explained the idea was prompted by the need to combat illegal exchange offices.

“As practice shows, information about foreign currency exchange rates is most often displayed outdoors by so-called illegal currency exchange points, which are camouflaged as limited service branches of authorized banks,” the Central Bank’s press service explained.

In December, a law bill that would grant the regulator the right to establish requirements for display of such information was adopted by the State Duma and approved by the Federation Council.

The Central Bank’s draft instructions explain that information about foreign currecy exchange rates can be placed only within the premises of an authorized bank and in such a way that the information is visible only inside the facility itself.

Translated by the Russian Reader

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