With strong ruble, Russian central bank relaxes foreign exchange restrictions

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The Bank of Russia has increased the maximum amount of foreign currency transfers that Russian citizens can make in an effort to relax currency restrictions that had been imposed to limit the effects of international sanctions against Moscow.

In a statement, the monetary authority said that residents of Russia will be able to transfer up to US$1 million or an equivalent amount in other foreign currencies in the month to accounts abroad.

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Previously, the cap was $150,000.

After a tumble in the early days of the war in Ukraine, the ruble recovered in the following months and reached a seven-year high against the dollar, supported by capital controls.

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Now, the Kremlin is already beginning to express concern about the strength of the currency. On Wednesday, Russian Finance Minister Anton Siluanov said the government could use the surplus in energy revenues to intervene in the exchange rate.

Source: CNN Brasil

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