Russia’s central bank said on the 9th (local time) that Russian banks will suspend the foreign currency exchange of rubles for the next six months.
According to AFP and Sputnik, Russia’s central bank issued a statement that day, saying (in Russia) banks do not sell foreign currency to citizens from March 9 to September 9.
However, Russia’s central bank stressed that it is possible to exchange foreign currency into rubles without limit.
In addition, Russia’s central bank said the cash withdrawal limit for forex accounts opened at local banks will be limited to $10,000 for six months.
The money in the forex account will be withdrawn only in dollars regardless of the type of forex indicated, and withdrawals exceeding $10,000 will be automatically exchanged into rubles, Russia’s central bank added.
Russia’s central bank said it could take several days to supply enough foreign currency to each bank branch.
The value of the ruble fell to an all-time low due to ultra-high-intensity sanctions by the international community following the Russian invasion of Ukraine.
AFP reported that in such a situation, the Russian economy faced another blow as the U.S. officially announced its ban on Russian crude oil on the 8th, despite showing robustness from the outside. Russians have been taking refuge on Cryptocurrencies while Russian firms have been creating accounts on Chinese banks.
