When asked on the sidelines of the St. Petersburg International Economic Forum (SPIEF) whether the circulation of dollars and euros might be prohibited throughout Russia, Central Bank Governor Elvira Nabiullina said that it would not, assuring that the population’s foreign currency deposits would not be confiscated as well.
"No," she said when asked by the moderator of the SPIEF session, State Duma MP Andrey Makarov whether the dollar and the euro might be banned countrywide. The Russian central bank chief also noted that other foreign currencies would not be prohibited either.
Earlier, Nabiullina said the regulator had been pursuing the policy of de-dollarization both in the Russian financial system and in the economy overall for many years. She noted though that the Bank of Russia did not plan to fully abandon dollars in reserves.
After a number of western states slapped sanctions against Russia, including the EU’s ban on carrying euro in cash to the Russian Federation, the Bank of Russia restricted the circulation of foreign cash in the country.
