Bank of Russia establishes new procedure for withdrawing cash

From March 9 to September 9, 2022, the Bank of Russia establishes a new procedure for issuing funds from foreign currency deposits or accounts of citizens, Report informs referring to the regulator’s message.

“All client funds on foreign currency accounts or deposits are saved in the deposit currency, the client can withdraw up to $10,000 in cash, and the rest of the funds - in rubles at the market rate on the day of issue.

In Russian banks, about 90% of foreign currency accounts don’t exceed the amount of $10,000, that is, 90% of holders of foreign currency deposits or accounts will be able to fully receive their funds in cash,” the regulator added.

During the period of this temporary order, the currency will be issued in US dollars, regardless of the currency of the account. Conversion of other currencies into the US dollar will take place at the market rate on the day of issuance.

In addition, the regulator said that citizens can continue to keep funds in foreign currency deposits or accounts. All funds are kept in the currency in which the account or deposit was opened. The conditions for the deposit or account don’t change. Interest on deposits will be calculated as usual, in the currency in which the deposit was opened.

“Citizens will be able to open new foreign currency accounts and deposits, but it will be possible to withdraw funds from them, while the temporary procedure for operations with cash currency is in effect, in rubles at the market rate on the day of issue.

Banks won’t sell cash to citizens during the term of the temporary order. It will be possible to exchange cash currency for rubles at any time and in any amount.

Clients of all banks, without exception, can receive funds from their foreign currency deposits or accounts. Banks may take several days to bring the required amount in cash to a specific branch,” the Central Bank said in a statement.