The expert explained why the Russians do not need cash currency

Truly, in Russia there is nothing more permanent than temporary. You understand this when you get acquainted with the decision of the Central Bank to extend the restrictions on the withdrawal of cash foreign currency for another six months, until March 9, 2023.

The regulator maintains the current limit on the withdrawal of cash from a foreign currency account or deposit – 10 thousand dollars or euros. You can withdraw only those funds that were received on the account or deposit before March 9, 2022. The rest of the funds, the report says, can still be received in rubles at the market rate on the day of withdrawal.

It is noted that the Central Bank is forced to extend these restrictions “in connection with the sanctions in force against Russia, which prohibit Russian financial institutions from acquiring cash currency of Western countries.”

Also, until March 9, the 23rd, there is a restriction on the purchase of foreign currency in banks. Financial institutions can sell to citizens only those dollars and euros that came to their cash desks after April 9 this year.

Is it necessary to say that this decision of the regulator did not please a certain part of our society, which does not feel comfortable without the “greens” in the pocket? After all, it is formally believed that the Russian economy is slowly but surely adapting to the sanctions. And in some industries it even shows growth. Why extend the “draconian measures” in the currency restriction?

For clarification, we turned to financial analyst, candidate of economic sciences Mikhail Belyaev.

– It is believed that quite a lot of foreign currency comes to Russia. From the export of energy resources, now we are starting to sell grain and mineral fertilizers. Why extend currency restrictions?

– There is a concept of internal money circulation, rules for access to currency within the country. There is an immutable economic law: one country – one national currency. Parallel currency is absolutely useless in it.

This is the law in all developed countries of the world. Try to pay in the US, let’s say euro. They won’t understand you there. If only somewhere semi-legally, in some basement.

In internal money circulation, only the national currency should be present: in prices, settlements, payments – everywhere, everywhere. Based on this, we come to the conclusion that the people do not need cash at all.

– The question is debatable, especially since any restrictions are perceived as clamping down on the interests of a person …

– I must say that the restrictions of the Central Bank are quite benign. What does it mean to withdraw 10 thousand dollars or euros from the account? For any ordinary citizen, this is quite a sufficient amount. Considering that they do not have circulation inside the country.

Dissatisfaction with the fact that it is impossible to withdraw cash currency, that the state “confiscated” it, has no legal grounds. Moreover, you can freely take these 10 thousand abroad.

When you go abroad, you can use your accounts as much as you like, pay for purchases, etc. No restrictions.

The decision of the Central Bank is in line with the gradual de-dollarization of our economy, all transactions must be carried out in rubles.

– Can the preservation of currency restrictions be considered as a measure to combat the high exchange rate of the ruble? The government aims to make the dollar worth 70-80 rubles…

– There is no connection. This at some point may coincide with the movement of the dollar up or down, but nothing more. The ruble exchange rate is formed at exchange auctions, where real economic transactions are made.

But there is a speculative banking rate that banks set. In the country, some of our fellow citizens still prefer to divert the ruble to the dollar or euro zone, they believe that this is more reliable. Financial institutions take advantage of this, and their currency can cost much more. But such transactions have nothing to do with macroeconomics.