The Central Bank of Russia raised the threshold for foreign transfers of Russians from $50,000 to $150,000.
“From June 8, residents of Russia – individuals have the right to transfer from their account in a Russian bank to their account abroad or to another person not more than 150,000 USD or its equivalent in another currency. throughout the calendar month. The same amount can be transferred to foreign accounts by non-residents – people from friendly countries.
Previously, the limit was $50,000. ” should From the Central Bank’s official telegram channel.
The regulator continuously softens the limits on the transfer amount. In the first place, there was a US$ 5,000 limit for international transfers in March, the bar was raised to $10,000 in April and the current transfer amount was increased to $50,000 in May.
Why did the central bank triple the limit?
“The Central Bank continues to lift restrictions to stabilize the exchange rate. The Russian currency has been overvalued since March, and this is starting to hurt the budget, which derives revenue from exports in rubles. The decline of the dollar and euro against the ruble has been halted. But they are still cheaper than the budget parameters (at 14:29 Moscow time on the Moscow Stock Exchange, the dollar is 59.6 rubles, the euro – 63.5 rubles. The federal budget is prepared at the rate of 72 rubles per dollar – ” Gazeta .Ru”). The Central Bank transfers waters “Secondly, don’t slack off by canceling the most serious restrictions all at once, such as the asset freeze of non-residents and the transfer of legal entities,” explained BCS World of Investments stockbroker Valery Yemelyanov.
Assoc. GV Plekhanov Maxim Markov is confident that the fact of the easing of restrictions shows that Russia as a whole is ready to abandon the massive restrictions and bans currently observed in the world.
“For representatives of other countries that impose or support anti-Russian sanctions, this is a sign of Russia’s readiness to re-establish economic cooperation if and when such sanctions are lifted,” Markov said.
It will be comfortable, but not for everyone
Pavel Sigal, first vice president of Opora Rossii, described the innovation from the Central Bank as not a targeted measure, but an expansion of the comfort zone for the Russians. However, not many will benefit from the easing of restrictions.
According to Yemelyanov, the average amount of foreign transfers from Russians is very small, about $200 or the euro equivalent of this amount.
“Even in Switzerland, the dollar millionaires’ granary spends an average of $20,000 at a time. In the best years, it accounted for about 15% of all transfers. So $150,000 is an unusually large transfer, even for people with an account in Switzerland. Yemelyanov said. “It could be fractions of a percentage of the total number of transfers from Russia,” he said.
According to Yemelyanov, the innovation will affect a very small group of citizens who have the same 150 thousand dollars and do not want to wait two or three months to withdraw their capital.
“There may be money to buy real estate. However, it is also useful to consider that 150 thousand dollars is a small amount for housing abroad. Secondly, it is now almost impossible for non-resident Russians to buy real estate in Europe and America. But maybe it will be easier for those who will buy goods from Asian countries such as Turkey and Thailand.”
Natalia Bogomolova, a banking ratings analyst at the National Rating Agency, agrees.
“Citizens who plan to buy or already equip housing abroad can request an increase in the limit. Also – to pay for expensive treatment abroad, tours. In addition, the request for raising the dam will be from Russian citizens temporarily residing abroad but with income sources in Russia. They have monthly expenses (rent, bills, training, food, treatment, etc.). And for them, increasing the limit will be a big plus, ”says the expert.