Russia Partially Eases Foreign Currency Transaction Restrictions... Allows Foreign Currency Sale and Exchange

[Asia Economy Reporter Bu Aeri] The Central Bank of Russia has partially eased restrictions on foreign exchange transactions.

According to TASS news agency and others on the 18th (local time), the Central Bank has allowed commercial banks to resume selling foreign currency, which had been banned since early last month.

Under the new regulations effective until September 9, banks can sell foreign currency cash to individuals starting from this day. Individuals can purchase foreign currency from banks using the Russian currency, the ruble.

Exchanging foreign currency for rubles remains unrestricted as before.

The Central Bank also raised the monthly foreign currency remittance limit for Russians abroad from $5,000 to $10,000.

Other restrictive measures remain in place.

On August 9, the Central Bank of Russia issued a temporary foreign exchange circulation guideline valid until September 9 as a response to financial turmoil caused by Western sanctions related to the Ukraine situation.

Individual depositors can withdraw only up to $10,000 in foreign currency from their foreign currency accounts, while the remaining deposits can be withdrawn only in rubles at the exchange rate on the day of withdrawal.

For corporations, the foreign currency withdrawal limit is $5,000.

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