Cash withdrawal limits will continue to apply
Russia will extend all currency restrictions, which expire in March. This was stated by the head of the Central Bank Elvira Nabiullina during a speech at a meeting at the Association of Banks of the country.
According to Nabiullina, limits on cash withdrawals from bank accounts and transfers of funds abroad will continue to apply. Restrictions on the withdrawal of funds by non-residents from unfriendly countries will also be extended.
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The Central Bank predicted that the profit of Russian banks this year will be more than 1 trillion rubles. Nabiullina noted that this is lower than in 2021, as the cost of reserves will continue to be quite high due to the cancellation of easing. The profit of banks in 2021 amounted to 2.4 trillion rubles, in 2022 – 200 billion rubles.
In addition, the head of the Central Bank said that the standards for issuing mortgage loans have deteriorated. The rate of early repayments also decreased.
On March 9, 2022, the Bank of Russia introduced restrictions on the issuance of foreign currency. Individuals can withdraw in foreign currency only money that was received on an account or deposit before March 9. The withdrawal limit is $10,000 or its equivalent in euros. Banks issue the currency credited after March 9 in rubles at the exchange rate on the day of the operation.
Also, banks have the right to sell to citizens only euros and dollars received at the box office after April 9, 2022. Because of this, some financial institutions have problems with the availability of foreign currency.
