The Central Bank extended for six months restrictions on cash withdrawals – Kommersant
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The Bank of Russia extended until September 9, 2024 restrictions on the withdrawal of cash foreign currency. The regulator explained that the restrictions remain in connection with the current sanctions against the Russian Federation, which prohibit Russian financial institutions from purchasing the cash currency of Western countries, reports press service Central Bank. According to the restrictions, until the specified date you can withdraw no more than $10 thousand or the equivalent amount in euros.
The press release also states that for citizens whose foreign currency account or deposit was opened before March 9, 2022, the limit on foreign currency withdrawal remains in the amount of the cash balance as of 0:00 Moscow time on the specified date, but not more than $10 thousand. ( or equivalent amount in euros).
The Central Bank reported that remaining funds from foreign currency accounts and deposits can still be received in rubles. For funds placed before September 9, 2022, the payment amount cannot be lower than calculated at the official rate of the Bank of Russia on the day of issue. Funds placed after September 9, 2022 are issued at the rate of credit institutions on the date of issue, the press release notes.
The Bank of Russia stated that until September 9, 2024, foreign legal entities in the Russian Federation will not be paid cash in US dollars, euros, pounds sterling and Japanese yen. In the next six months, resident legal entities can receive cash from their accounts in these currencies only for travel expenses, the regulator added.
Today, March 7, the Central Bank also extended until September 9, 2024, a ban on banks charging citizens a commission when issuing currency from accounts or deposits. Currency transfers without opening an account and through electronic wallets are issued in rubles. The amount issued should not be lower than calculated at the regulator’s exchange rate on the day of payment, the Central Bank recalled.
The Central Bank introduced a restriction on the withdrawal of currency and its sale on March 9, 2022. Head of the regulator Elvira Nabiullina explained, that this is due to the ban on the import of dollar and euro banknotes into the country introduced as part of the sanctions. Last time restrictions extended September 7, 2023.
About the situation on the Russian foreign exchange market – in the material “Kommersant” “A bright tomorrow has arrived for the yuan”.
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