Bank of Russia Introduces Temporary Restrictions for Operations with Cash Currency
New Delhi: The Bank of Russia on Wednesday informed that the Bank of Russia introduced temporary restrictions for operations with cash currency. Citizens can continue to keep funds in foreign currency deposits or accounts. Banks will not sell currency cash to citizens during the period of temporary restrictions. Citizens will be able to exchange cash currency for rubles at any time and in any amount.
The Bank of Russia from March 9 to September 9, 2022, establishes the following procedure for the issue of funds from foreign currency deposits or accounts of citizens. All customer funds on foreign currency accounts or deposits are saved and accounted for in the deposit currency, the client can withdraw up to $10,000 in cash, and the rest of the funds – in rubles at the market rate on the day of issue.
During the period of temporary restrictions, the currency will be issued in US dollars, regardless of the currency of the account. Other currencies will be converted into dollars at the market rate on the day of the issue. The Central Bank notes that it will be possible to get the currency at the bank’s cash desk.
Citizens will be able to open new foreign currency accounts and deposits. But while the temporary restrictions for operations with cash currency are effective, it will be possible to withdraw funds from these accounts in rubles at the market rate on the day of issue.
According to the regulator, about 90 percent of foreign currency accounts in Russian banks do not exceed the amount of $10,000. That means that 90 percent of holders of foreign currency deposits or accounts will be able to fully receive their funds in cash.
(_Vinayak)
