CBR not yet planning to ease restrictions on FX cash purchases by individuals

MOSCOW. May 31 (Interfax) - The Central Bank of Russia (CBR) has no plans to further ease restrictions on cash FX purchases by individuals, CBR First Deputy Governor Ksenia Yudaeva said in a press conference on Tuesday.

"I think we'll wait until September and look at the situation. Nothing new yet," Yudaeva said.

The Bank of Russia eased temporary procedures for cash FX transactions starting on April 11: bank customers could not only withdraw cash dollars but also euros from deposits opened before March 9, while the limit of the equivalent of $10,000 remains unchanged. Citizens will still be able to receive funds in rubles from their foreign currency accounts under the temporary order.

Furthermore, starting on April 18, banks will be able to sell FX cash to citizens, but only that which was received at cash desk starting on April 9.

At the beginning of March, amid Western sanctions and volatility in the financial market, the Central Bank tightened control over the circulation of FX cash in the country. The regulator has banned the purchase of FX cash by individuals and limited its issuance from existing deposits to $10,000 for 6M - from March 9 to September 9, 2022. During this period, retail clients of banks can withdraw up to $10,000 in cash currency (from each banks) from accounts opened before March 9, the rest of the funds - in rubles at the market rate on the date of issue.