16 Jun 2022 12:53

Currency restrictions must be lifted as situation stabilizes, most of them at least - Nabiullina

ST. PETERSBURG. June 16 (Interfax) - Currency restrictions, at least most of the measures, must be lifted as the situation stabilizes, Central Bank of Russia (CBR) Governor Elvira Nabiullina said at the St. Petersburg International Economic Forum (SPIEF) 2022.

"The restrictions are gradually weakened as the financial system stabilizes. I believe that they must be lifted, most of them at least," Nabiullina said.

Nabiullina recalled that there has been a layering of various types of currency restrictions, with one of them being stabilizing currency restrictions introduced in response to the freezing of Russia's international reserves, as well as not being able to respond to capital outflows with forex interventions. The restrictions have applied to and have affected a wide range of individuals as well as legal entities, residents and non-residents.