Central Bank of Russia introduces temp rules for foreign currency operations

The Central Bank of Russia is introducing temporary rules for foreign currency operations in cash. The rules will be valid from March 9, 2022 to September 9, 2022.

All funds in foreign currency accounts and deposits are safe and accounted for in the deposit currency. A client will be allowed to withdraw up to $10,000 in foreign currency in cash, whereas the remainder will be given to the client in Russian rubles (according to the exchange rates for the day of the transaction).

The regulator explains that 90% of the foreign currency accounts in Russian banks do not have balances above $10,000. That is, 90% of holders of foreign currency accounts and deposits can fully withdraw their funds in foreign currency in cash.

While the new rules are in place, foreign currency funds will be given in USD, regardless of the deposit currency. Foreign exchange in other currencies in USD will be conducted according to the exchange rates for the day of the transaction.

Clients can get their money in banks.

Russian residents can keep their funds in foreign currency accounts and deposits. All funds are safe and are accounted for in the deposit currency.

Banks will not sell foreign currency to individual clients while the new rules are in force. Exchanging foreign currency for rubles remains available, regardless of the transaction size.

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27 Replies to “Central Bank of Russia introduces temp rules for foreign currency operations”

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