LETTER OF THE CENTRAL BANK OF RUSSIA

of June 16, 2008 No. 65-T

About closing of accounts and transfer of remaining balance of means of nonresident banks in currency of the Russian Federation

Due to the change of the foreign exchange legislation of the Russian Federation and in order to avoid use of several balance sheet accounts by authorized banks for accounting of transactions, homogeneous on economic essence, the Bank of Russia reports the following.

1. Balance sheet accounts:

- N 30122 "Correspondent accounts of nonresident banks in currency of the Russian Federation - the accounts of type "K" (converted)";

- N 30123 "Correspondent accounts of nonresident banks in currency of the Russian Federation - accounts like "N" (inconvertible)";

- N 30230 "Special bank accounts of nonresident banks in currency of the Russian Federation";

- N 30231 "Accounts of nonresident banks in currency of the Russian Federation" are subject to exception of the Chart of accounts of financial accounting in credit institutions. At the same time so far on the specified accounts means continue to be considered and to be made transactions with them.

With respect thereto to the authorized banks having remaining balance on the above-stated accounts of nonresident banks we recommend to carry out work on closing of the specified accounts.

Money in currency of the Russian Federation in authorized banks can be used by nonresident banks which are owners of the above-stated accounts, for implementation of the following transactions:

- purchases of foreign currency with its subsequent transfer to the accounts specified by nonresident banks;

- transfers to the correspondent accounts opened in authorized banks based on bank account agreement on the balance sheet account N 30111 "Correspondent Accounts of Nonresident Banks".

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