Currency exchange will always be possible in Russia – Central Bank

Elvira Nabiullina called the dollar and euro 'toxic,' but says Russians will always be able to convert them into rubles

Foreign currency conversion to rubles will always be possible in Russia, central bank governor Elvira Nabiullina said during a press conference on Friday.

“It will always be possible to change currency into rubles, and there are absolutely, as they say, liberal rules,” she was cited as saying by RIA news agency.

At the same time, the head of the regulator noted that the US dollar and the euro have become “toxic” for Russian holders due to the risks they carry.

“As for currency conversion, indeed, the currencies to which we are used to, the reserve currencies – the dollar, the euro – have become toxic for many holders. Freezing risks arise, and the countries that issue [these currencies] are not very willing for us to actively use them,” she stated.

On August 1, the Central Bank extended restrictions on foreign currency withdrawals introduced earlier this year until March 9, 2023. Currently, depositors can withdraw a maximum of $10,000 or its equivalent in euros from each foreign currency account they hold.

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