Dollar buyers to be charged 30% commission in Russia

The Bank of Russia (Central Bank) has instructed brokers to charge a commission of up to 30% of the transaction value from individuals who buy dollars, euros, and pounds sterling from the stock exchange from today, the market participants said.

Report informs, citing foreign media, that the purpose of the commission is to equalize the conditions of competition between banks and brokers. Banks have the opportunity to use the spread between buying and selling rates.

Amid the US and European Union sanctions against Russia, the Bank of Russia has taken comprehensive measures, including a sharp increase in the discount rate from 9.5% to 20%.