Russia lifts ban on selling foreign currency cash to citizens

Central Bank of Russia It also allows people to receive Euro cash in their deposit accounts from March 9. The withdrawal limit remains at the equivalent of 10,000 USD and the limit is valid until 9/9. Funds exceeding this threshold can be withdrawn with Ruble.

This move by the Central Bank of Russia shows that the currency market of the country has stabilized after the Russian banking industry faced a series of sanctions related to the situation in Ukraine.

In addition, from April 11, the Central Bank of Russia will cancel the discount of 12% for USD and Euro transactions on the exchange. The rule to collect discounts on foreign currency purchases from brokers has been in effect for more than a month. On March 3, the prescribed discount rate was 30%, but the next day the Central Bank reduced it to 12% for both individuals and legal entities.

From March 9, the Central Bank of Russia restricted foreign currency withdrawals until September 9. According to this regulation, banks are not allowed to sell foreign currency in cash to people.

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