MOSCOW, Aug 27 (Reuters) - Russia's central bank said on Saturday a slight easing of foreign currency restrictions on banks that took effect this wee
MOSCOW, Aug 27 (Reuters) – Russia’s central bank said on
Saturday a slight easing of foreign currency restrictions on
banks that took effect this week would boost the supply of cash
dollars and euros on the local market.
Under current rules, banks have only been allowed to sell
foreign currency cash that had been bought from individuals
after April 9.
But since the start of this week, they have been permitted
to sell cash dollars and euros obtained from other sources,
financial news outlet Frank Media reported on Saturday, citing a
letter sent by the central bank to credit institutions.
“This is an additional tweak to the measures already in
place, which allow for the increased supply of cash dollars and
euros on the Russian market,” the Bank of Russia said on
Saturday, in response to an emailed request for comment.
The change marks an easing of capital controls that have
buttressed the rouble in recent months. It will put downside
pressure on the local currency and could ease concerns among
Russian households about the supply of foreign currency.
With the exception of dollars and euros, Russian banks have
been permitted to sell citizens foreign currency without
restrictions since May.
Curbs on dollars and euros are set to remain in place until
March 9, 2023.
(Reporting by Reuters
Editing by Helen Popper)
www.marketscreener.com