HEAD OF THE CENTRAL BANK OF RUSSIA ELVIRA NABIULLINA BOLDLY STATED IT’S THE CASCADING EFFECTS OF THE SANCTIONS SLAPPED ON RUSSIA

NOT MORE THAN 10K WITHDRAWAL ORDERS CENTRAL BANK OF RUSSIA

COMMISSION OWING TO SANCTION

Elvira Nabiullina, the present Head of the Central Bank of Russia economist and Economist, announced the extension of commissions charged on the purchase of Foreign currencies in Russia will be extended and remains effective at least till September, probably till 9’th of September 2022.

She boldly stated that it’s the cascading effects of the sanctions slapped on Russia.

Elvira said, “At the same time, our banks should be able to ensure for all citizens their rights to previously opened foreign currency accounts and receive an amount within the allowed limit of ten thousand. That is why in September we will be forced to extend the restrictions that we introduced in early March.”

In March 2022, the Central Bank of Russia, ordered a flat 30% commission transacting in foreign currencies, especially on the US Dollar, Euro, and Great Britain Pound.

The brokers in Russia, were to charge 30% as commission to individuals on their foreign currencies purchases.

Meanwhile, the Central Bank of Russia allows withdrawal of foreign currencies from individual respective bank accounts, but not more than ten thousand, be it in dollars or other foreign currencies. But, there is limitless if withdrawal is in rubbles.

At the Moscow Exchange, Rubble stands at 57.79, 1% less against Euro, and 1.9% against the Dollar at 57.74.

Though, Rubble is down but holds the record of being the Global best-performing currency even after economic restrictions and sanctions by the West.