Russian Central Bank "Ruble Foreign Exchange Suspended Until September... Withdrawals Limited to $10,000"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kim Hyunjung] The Central Bank of Russia announced on the 9th (local time) that Russian banks will suspend foreign currency exchange for rubles for the next six months. Withdrawals will also be limited to $10,000 (approximately 12 million KRW).

On the same day, AFP and Sputnik news agencies reported, citing a statement from the Central Bank of Russia, that Russian banks will not sell foreign currency to citizens until September 9 of this year. However, the Central Bank of Russia stated that exchanging foreign currency into rubles will continue without limits.

The cash withdrawal limit from foreign currency accounts opened at domestic banks will be restricted to $10,000 (approximately 12 million KRW) for six months. Regardless of the type of foreign currency indicated in the foreign currency account, withdrawals will be made only in dollars, and any amount exceeding $10,000 will be automatically converted into rubles, the Central Bank of Russia added.

This content was produced with the assistance of AI translation services.