“Banks will not be able to sell foreign currency to citizens” between March 9 and September 9, the Russian CB said in a statement, adding that citizens will be able to exchange their currency for rubles during that period.
Holders of foreign currency accounts in Russian banks will not be able to withdraw more than $10,000 until September 9. If they want to withdraw more money, they will have to do it in rubles, at the official rate of the day, in accordance with the new provisions.
The delivery of the required amount of dollars will also not be immediate, since “the routing of the requested amount to a specific bank branch may take several days,” the BC warned.
The ruble hit its all-time low against the dollar on Monday.
The Russian economy is hit by the sanctions imposed after the invasion of Ukraine on February 24, directed primarily against the Central Bank and the main Russian banks.
On Tuesday, the sanctions moved to a higher level, when President Joe Biden decreed an embargo on US imports of Russian oil and gas.
In the last few days they saw each other long lines at the doors of banks and ATMs to withdraw money and change rubles to dollars, after the sanctions imposed by the US, the European Union and Japan on the Russian economy to hit the government after President Vladimir Putin made the decision to invade Ukraine.
It should be noted that after the invasion that occurred on February 24, Russia began to impose measures to contain the sharp devaluation of the ruble. In principle, the volume of foreign currency to be purchased by citizens was limited, while later an extra charge of 30% was imposed in order to discourage exchanges, a proposal similar to the COUNTRY Tax that has been in force in Argentina since the end of 2019 .
Source: Ambito
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