Russia to scrap 12% commission on FX buying through brokerages on

(Reuters) – Russia will scrap a 12% commission on buying foreign currency through brokerages starting from April 11, Tinkoff bank and Alfa Bank said on Friday, after a sharp rally in the rouble raised concerns about its economic and financial impact.

The rouble has rebounded on the Moscow Exchange from record lows it hit in March to levels seen before Feb. 24, when Russia started what it calls “a special military operation” in Ukraine, as capital control measures suffocated demand for forex.

Tinkoff bank said the central bank ordered to scrap the 12% commission from Monday in an instruction to brokerages.

Alfa Bank confirmed the report in its channel in Telegram messenger.

In early March, when the rouble was falling sharply as the United States and European countries imposed sanctions against Russia for sending troops to Ukraine, the central bank introduced a 30% commission on buying FX for individuals. The commission has been later lowered to 12%.

The central bank did not immediately reply to Reuters request for comment.