Reserve requirement is an instrument of the National Bank's monetary policy, which obliges the banks and savings houses to allocate funds on the accounts with the central bank. Main functions of the instrument are stabilization of the short-term interest rates on the money market, managing the money supply and the level of credit multiplication and reduction of the structural excess liquidity.

Banks' reserve requirement base is determined as an average of the liabilities for each day of the calendar month that precedes the fulfillment period. The saving houses' reserve requirement base for three consecutive fulfillment periods is determined as an average of the liabilities for each day of the last calendar month in the quarter that precedes the first of the three fulfillment periods.

Banks' reserve requirement in Denars is a sum of the amount calculated from the liabilities in domestic currency, the amount calculated from the liabilities in domestic currency with FX clause and 30% of the amount calculated from the liabilities in foreign currency. In determining the reserve requirement in Denars, the base for the banks' reserve requirement against their liabilities in domestic currency is reduced by the amount of the claims based on newly approved loans to non-financial companies and investments in debt securities in domestic currency issued by non-financial companies[1]. Banks fulfill the reserve requirement in Denars on average basis. Banks' reserve requirement in foreign currency is 70% of the amount calculated from the liabilities in foreign currency. Banks' reserve requirement in foreign currency is allocated on special FX accounts of the National Bank abroad, and it is fulfilled in Euros at a fixed level. Savings houses fulfill the reserve requirement on special accounts with the National Bank at a fixed level.

The reserve requirement fulfillment periods are specified in the Indicative calendar of fulfillment periods of Denar and Euro reserve requirement for banks and saving houses.

Banks' reserve requirement ratios are presented in the table below:

Liabilities

Reserve requirement ratio

Applied as of:

-      in domestic currency

8%

11.09.2013

-      in domestic currency with FX clause

50%

01.05.2016

-      in foreign currency

15%

11.09.2013

Exception:

-      liabilities to nonresidents - financial institutions in foreign currency with contractual maturity of up to 1 year

13%

11.09.2013

-      liabilities to natural persons in domestic currency with FX clause and in foreign currency, with contractual maturity of over two years 

-      liabilities to natural persons in domestic currency with contractual maturity of over one year*

0%



0%

11.01.2012



01.09.2015

-         repo-transactions in domestic currency

0%

11.01.2012

-         liabilities based on issued debt securities in domestic currency with original maturity of at least two years

          0%

          13.02.2013

-         liabilities to nonresidents - financial institutions in domestic currency, in domestic currency with FX clause and in foreign currency, with contractual maturity of over one year and liabilities to nonresidents in domestic currency, in domestic currency with FX clause and in foreign currency, with contractual maturity of over two years

0%

11.09.2013

*starting from 11.01.2012, 0% reserve requirement rate was applied on liabilities to natural persons in domestic currency with contractual maturity of over two years.

Reserve requirement ratio of savings houses equals 2.5%. 
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[1] Non-financial companies - net exporters and/or non-financial companies that use the funds to finance projects for domestic production of electricity, for own and/or commercial purposes.

Decision on reserve requirement
Decision on amending the Desicion on reserve requirement
Data on reserve requirement  

Indicative calendar of fulfillment periods of reserve requirement for 2019

Indicative calendar of fulfillment periods of reserve requirement for 2020