The Central Bank of Russia has extended the ban on charging foreign currency from individuals’ accounts and deposits for another six months, until March 9, 2023.
The Board of the Central Bank of Russia extended the ban on banks from charging individuals commissions when printing money from deposits or accounts until March 9, 2023. area regulator.
Also, until March 9, a ban will be imposed on commissions for converting foreign currencies to US dollars and euros if conversions are made for subsequent issuance of funds.
On March 11, the Central Bank banned banks from taking commissions from individuals when withdrawing foreign currency from their accounts. In addition, banks had to return the commission they received when printing cash to individual customers as of March 9.
at bank rate
Central Bank too allowed Banks will issue cash in rubles at the bank rate to customers from foreign currency accounts and deposits credited since September 9. Now the amount issued by the banks cannot be less than that calculated at the official rate of the Central Bank.
“At the same time, the currency credited from March 9 to September 9, 2022 is still issued in rubles at the bank’s rate, but the amount should not be less than that calculated at the official rate of the Central Bank of Russia on that day. payment,” says the regulator.
The restriction that Russians cannot withdraw more than $10,000 (or its euro equivalent) from foreign currency deposits opened before March 9 remains in effect. Foreign currency issuance is carried out in US dollars or euros, regardless of the deposit or account currency.
In addition, the Central Bank extended the ban on the purchase of foreign currency by citizens in Russia until March 9 next year. After April 9, 2022, credit institutions have the right to sell only the Euros and US Dollars in their vaults.
Currency debts in rubles
Russian President Vladimir Putin signed a decree allowing sanctioned banks to fulfill their foreign currency obligations in rubles.
Liabilities in foreign currency within the scope of bank account (deposit) agreements concluded between credit institutions, [иностранными государствами введены санкции]and customers who are legal entities are considered duly fulfilled in the following cases: [они] It was realized in rubles in an amount equivalent to the value of foreign currency liabilities. document.
Unreliable currencies and inflation
Speaking at the Eastern Economic Forum the day before, President Vladimir Putin said: declarationHe said “confidence in the dollar, euro and sterling” was lost. He described the currencies themselves as “unreliable” and “self-compromising”. The politician stressed that this is why Gazprom and its Chinese partners decided to switch to rubles and yuan by fifty-fifty when paying for gas supplies.
“The short-sighted actions of Western officials have spurred global inflation: it has already updated long-term records in advanced economies. <…> As a result of July, inflation in the USA was 8.5 percent. Now we have somewhere around 14. But the trend (in Russia. – “socialbites.ca”) is to reduce, unlike Western economies. <…> I think we will have a place around 12 percent according to the results of the year. So what happens to our neighbors? In Germany – 7.9% today, in Belgium – 9.9%, in the Netherlands – 12%, in Latvia – 20.8%, in Lithuania – 21.1%, in Estonia – % 25.2.