There is currently no opportunity for the systemic liberalization of foreign exchange controls in Russia, with restrictions on cash withdrawals and foreign exchange transfers set to be extended, Russian Central Governor Elvira Nabiullina said.
According to her, the Russian Central Bank "doesn't see an opportunity now for some sort of systemic liberalization of currency restrictions". We first introduced severe restrictions, and as the financial situation stabilized, we lifted some of those restrictions," Nabiullina told reporters.
Restrictions on cash currency withdrawal were imposed because this, primarily dollars and euros, stopped coming into the country she said.
"We have no reason to lift this restriction, it will be extended, perhaps with some modifications, as when we additionally allowed cash withdrawals of up to $10,000 not only in dollars, but also euros. There may be some nuances, but in general the situation will continue," Nabiullina said.
The same approach will be maintained with regard to the limit on transfers of funds by individuals abroad.
