The Bank of Russia may consider liberalizing foreign exchange controls on unfriendly countries in response to the easing of sanctions. This is stated in the material of the Central Bank “Main directions for the development of the financial market of the Russian Federation for 2023 and the period of 2024 and 2025”, published on November 29 at site regulator.
“When establishing currency bans and restrictions, one should proceed from the principle of reciprocity, that is, impose bans and restrictions only on residents of those states that impose such measures against the Russian Federation. Any liberalization should be in relation to friendly states, ”the regulator’s materials say.
The document notes that at the same time, the Bank of Russia may consider the option of liberalization in relation to unfriendly countries as a response to the mitigation of sanctions restrictions, for example, the unblocking of assets.
At the same time, the Central Bank believes that currency regulation in the Russian Federation should help stimulate the transition to settlements in Russian rubles and the currencies of friendly states, as well as reduce the excess valueization of assets and liabilities of Russian non-financial organizations.
As Izvestia reported in September, banks worsened the conditions for Russians to receive cash from foreign currency accounts and deposits. So, when issuing funds credited to such an account from March 9 to September 9, banks convert them into rubles at an exchange rate not lower than the officially established Central Bank on that day.
However, if we are talking about cash credited to foreign currency accounts and deposits since September 9, then banks are allowed to use their own rates. At the same time, the regulator extended the ban on charging commissions on such transactions.
In March, it was reported that the Central Bank of Russia, as part of the liberalization of foreign exchange legislation in the country, wants to switch to control only dubious foreign exchange transactions. At the same time, Russian Finance Minister Anton Siluanov said that the Ministry of Finance and the Bank of Russia were gradually moving towards the complete abolition of the mandatory return of foreign exchange earnings to the country.
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