21 Nov 2022 20:10

Authorized banks and VEB able to export cash currency over $10,000, others still not allowed - CBR

MOSCOW. Nov 21 (Interfax) - The board of directors of the Central Bank of Russia (CBR) has determined cases in which authorized banks and the state corporation VEB.RF are allowed to export cash foreign currency in excess of the set limit of $10,000 or equivalent, the regulator said in a statement.

"The export of cash foreign currency by other legal entities or individuals, including within the framework of foreign trade activities, as well as for the provision or repayment of loans [over $10,000] is not stipulated. The flow of cash foreign currency into the country is limited due to sanctions," the CBR said.

In mid-October, a presidential decree gave the CBR the power to issue permits to export cash foreign currency in amounts over $10,000. These permits are issued according to a procedure and in cases determined by the CBR board.

The latest decision of the CBR board allows authorized banks and VEB.RF to export banknotes taken out of circulation or scheduled to be taken out of circulation so they can be exchanged. If the same amount of cash forex is brought back into Russia, the CBR only needs to be notified of the planned transaction.

If there are no plans to bring back cash forex after such and exchange, a CBR permit is required to take worn out banknotes out of Russia, the regulator said.

Authorized banks and VEB.RF can also obtain permission to export cash forex in other cases not related to foreign trade activities or the repayment and provision of loans, but only if the same amount of cash forex is brought back to Russia, the CBR said.