The Central Bank was intrigued by the permission to sell dollars to Russians without restrictions

The absence of one phrase in the regulator’s press release gave rise to a discussion in society

The Bank of Russia has extended the current restrictions on foreign currency cash withdrawals for another six months. But, apparently, the Central Bank allowed Russian banks to sell dollars and euros to citizens without restrictions. This conclusion can be drawn from the regulator’s press release. The document was published on the Central Bank website on September 7 and attracted attention due to the absence of the previously unchanged phrase that banks can only sell currency that arrived at their cash desks before April 9, 2022.

Officially, the Bank of Russia did not comment on this situation in any way (“MK” sent a request to the regulator). However, given how carefully the Central Bank monitors every comma in its documents and the reaction of the press to its statements, we can conclude that the restriction has indeed been lifted.

It was introduced shortly after the start of the special operation, against the backdrop of sanctions and a sharp weakening of the ruble, and operated on the market for a year and a half.

On March 9, 2022, the Bank of Russia completely limited the issuance of foreign currency deposits to individuals in the amount of $10 thousand and prohibited banks from selling cash currency to citizens. But already in April last year, the first relaxations began: it was allowed to withdraw money from foreign currency accounts and deposits that were opened before March 9, 2022, but within the limit of $10 thousand or its equivalent in euros. The rest of the amount could also be received, but only in rubles.

At the same time, banks were allowed to sell currency to the public, but only “new” currency – that which arrived at bank cash desks starting on April 9, 2022. Other changes gradually followed – for example, the limit on currency transfers abroad increased.

In recent months, Russian banks have seen a constant influx of foreign currency cash due to the fall of the ruble. Its volume reached 2 trillion rubles by August 1. Over the month it increased by 9.6%.

At the same time, throughout August, Russians continued to sell foreign currency to banks. As the Central Bank of the Russian Federation noted in its “Review of Financial Market Risks,” in the last month of summer this year, citizens sold it in the amount of 42.1 billion rubles.

It is not surprising that in such conditions the regulator made (although for some reason did not announce it out loud) the decision to lift the restriction for its wards that financial institutions can only sell currency that arrived at the cash desks before April 9, 2022 of the year.

However, for the Russians the situation has not changed at all. They can still withdraw from their accounts only the currency that was received into their accounts and deposits before March 9, 2022 in the amount of no more than $10 thousand or the equivalent amount in euros.