The Central Bank denied data on the introduction of restrictions on cash withdrawals

The Central Bank assured that there are no problems with the availability of ruble cash in the country,and messages from Telegram channels about plans to introduce restrictions were called “fake of the day”

Russia will not impose restrictions on cash withdrawals, there are no problems with the availability of ruble cash in the country, the Russian Central Bank said on Telegram.

This is how the Central Bank reacted to messages from “anonymous” Telegram channels, which, citing a letter from the Bank of Russia, wrote that the regulator intends to limit the withdrawal of cash from deposits and from cards at ATMs. In which specific channels such information was published, the regulator did not specify.

“There are no problems with the availability of ruble cash in the country. No restrictions are being introduced,” the representatives of the regulator replied.

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The bank called the information about the restrictions “fake of the day” and advised citizens not to close deposits ahead of schedule so as not to lose accumulated interest.

The Central Bank compared the situation in Russia with the changes of the 1990s Economics

Earlier, on March 9, the Central Bank limited the possibility of withdrawing cash currency for citizens until September 9. The currency was allowed to be withdrawn only in dollars, and only at the cash desks of banks, and not at ATMs, and only from previously opened accounts and deposits (but not more than $10,000). Citizens who keep savings in other currencies, or want to withdraw more funds, were allowed to receive them in cash only in the ruble equivalent. The ability to purchase currency for individuals was also limited: people were forbidden to buy currency at bank branches with the subsequent issuance of cash in hand, it was allowed to purchase it only in a non-cash form.

Experts interviewed by RBC then associated the decision of the Central Bank with the sanctions of Western countries imposed against large Russian banks and the regulator itself. With increased volatility in the markets, the demand for cash has sharply increased both in rubles and in foreign currency, RBC wrote. For this reason, the Central Bank was forced to control the situation in order to cool demand.

The Ministry of Economics announced that the ruble has reached its limit Economics

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Later, from April 11, the Central Bank allowed to withdraw cash in dollars and euros to owners of foreign currency accounts or deposits opened before March 9, 2022 without an established limit for receiving cash currency.

At the end of April, the head of the Central Bank, Elvira Nabiullina, said that she did not see the possibility of lifting restrictions on the sale of cash currency ahead of schedule.