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The Bank of Russia introduces a temporary procedure for cash transactions

CrimeaPRESS reports:

From March 9 to September 9 2022, the Bank of Russia establishes a temporary procedure for issuing funds from foreign currency deposits or accounts of citizens, limiting the amount for withdrawal from a foreign currency account to ten thousand dollars in cash. This is reported on the website of the regulator.

All client funds on foreign currency accounts or deposits are saved and accounted for in the deposit currency, the client can withdraw up to 10 thousand US dollars in cash, and the rest of the funds — in rubles at the market rate on the day of payment . The market rate on the day of issuance is determined based on the data on the weighted average rate of the respective currencies, calculated on transactions concluded at organized auctions on the day preceding the day of issue.

The flow of dollars into the country is limited by sanctions, and this is the only reason for the special measures associated with the sale of foreign cash by banks. Sanctions have no effect on ruble deposits and accounts. The funds on the accounts are saved, all operations are available at any time.

In Russian banks, about 90% of foreign currency accounts do not exceed the amount of 10 thousand US dollars, that is, 90% of holders of foreign currency deposits or accounts will be able to fully receive their funds in cash.

During the period of this temporary order, the currency will be issued in US dollars, regardless of the currency of the account. Conversion of other currencies to USD will be at the market rate on the day of payment.

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It will be possible to receive the currency at the bank’s cash desk.

The Central Bank assured that the Russians can continue to keep funds in foreign currency deposits or accounts. All funds are kept and accounted for in the currency in which the account or deposit was opened. The conditions for the deposit or account do not change. Interest on deposits will be calculated, as usual, in the currency in which the deposit was opened.

In addition, citizens will be able to open new foreign currency accounts and deposits, but it will be possible to withdraw funds from them, while the temporary procedure for cash transactions is in effect, in rubles at the market rate on the day of payment.

Banks will not sell cash to citizens during the term of the temporary order. It will be possible to exchange cash currency for rubles at any time and in any amount.

Clients of all banks, without exception, can receive funds from their foreign currency deposits or accounts. Banks may take several days to bring the required amount in cash to a particular branch.

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