Russia’s central bank limits foreign cash withdrawals of its citizens

WASHINGTON, March 9 -- Russia's central bank said Wednesday that it is limiting the amount of cash that citizens with foreign currency accounts can withdraw as part of "a temporary procedure.”

The procedure runs from March 9 to Sept 9, reported Anadolu Agency citing the statement from the bank published on its website.  

Accordingly, account holders can withdraw up to US$10,000 in cash, and the rest of the funds should be in rubles at the market rate on the day of issue. 

The statement said that at Russian banks, about 90 per cent of foreign currency accounts do not exceed the amount of US$10,000, adding that "90 per cent of holders of foreign currency deposits or accounts will be able to fully receive their funds in cash.”

"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 to USD will be at the market rate on the date of issue," it added.

Russia's war on Ukraine has drawn international condemnation, led to financial sanctions on Moscow and spurred an exodus of global firms from Russia. 

The West has also imposed biting export restrictions on key technologies that are now prohibited from being sent to Russia.

At least 474 civilians have been killed and 861 others injured in Ukraine since the beginning of the war, according to the UN, which cautioned that conditions on the ground make it difficult to verify the true number.

Some two million people have also fled to neighbouring countries, said the UN Refugee Agency.

-- BERNAMA