Cash currency from accounts opened before March 9 will be issued in US dollars at the exchange rate of the bank. This was announced on Friday, March 11, by the press service of the Bank of Russia.
It is noted that the amount paid to an individual should not be less than the amount calculated at the time of issue at the official exchange rates of foreign currencies of the Central Bank of the Russian Federation for converting other currencies into US dollars. Since March 9, payments in rubles from accounts in foreign currency have been made without restrictions at the bank’s exchange rate.
According to the document, from March 12, 2022, the temporary procedure has been supplemented with measures to transfer funds without opening a bank account and funds that banks consider to be the balance on electronic wallets.
“Funds received as a transfer from a bank outside the Russian Federation, as well as from electronic wallets, are issued exclusively in rubles. The conversion is made at the rate of the bank, and the amount paid cannot be less than the amount calculated on the day of payment at the official foreign exchange rates of the Bank of Russia for the conversion of other currencies against the ruble,” the Central Bank noted.
Earlier on the same day, the Bank of Russia until September 9, 2022 banned banks from charging a commission for issuing cash to individuals. As noted in the publication, the commissions taken by banks in the process of issuing cash currency from March 9 this year must be returned to customers.
Earlier, the Bank of Russia introduced a temporary procedure for cash transactions for legal entities and individual entrepreneurs from March 10 to September 10, 2022. During the period of this order, resident companies and individual entrepreneurs – residents can receive cash in US dollars, Japanese yen, pounds sterling and euros up to $ 5 thousand, and only to pay for expenses on foreign business trips.
From March 9 to September 9, 2022, the Central Bank introduced a temporary procedure for cash transactions for individuals. During this period, it will not be possible to withdraw more than $10,000 from foreign currency deposits. The remaining money can be received, but only in rubles at the exchange rate on the day of issue. Regardless of the currency of the account, funds will be issued only in US dollars. Conversion of other currencies into dollars will be carried out at the market rate on the day of issue.
As Aleksey Matyukhov, managing partner of BMS Group, told Izvestia, the Central Bank introduced this measure in order to stabilize the situation, as well as due to the physical absence of foreign currency in cash and, to a certain extent, to combat the growth of the dollar.
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