প্রকাশ: 09/04/2022
Russia will relax temporary capital control measures aimed at limiting a
drop in the rouble by allowing individuals to buy cash foreign currency and
will also scrap commission for buying forex through brokerages, the central
bank said on Friday.
The rouble
has rebounded on the Moscow Exchange from record lows in March to levels seen
before 24 February, when Russia started what it calls "a special military
operation" in Ukraine, as capital control measures suffocated demand for
forex.
The swift
rebound in the rouble raised concerns about its economic and financial impact
as analysts have warned that the volatile and strong rouble could pose a threat
to Russian revenues from selling commodities abroad for foreign currency.
The
central bank said banks will be allowed to sell cash foreign currency to
individuals from April 18 but only the notes they have received no earlier than
on April 9.
The
central bank is also scrapping its requirement for banks to limit the gap
between prices at which they offer to buy and sell foreign exchange. But it
recommended banks sell forex to import-focused companies at a rate of no more
than two roubles above the market rate.
The
central bank said individuals will be allowed to withdraw not only dollars but
also euros from their accounts from April 11, but kept the maximum amount that
can be withdrawn until Sept. 9 at the equivalent of $10,000.
The
rouble's rapid recovery has raised doubts about the durability of its gains.
Anyone who tries to buy foreign currency online at a bank in Russia or,
illegally, at a foreign exchange booth, or who buys goods and services online
denominated in foreign currencies will find the actual rate considerably
worse.
The
central bank also said it will scrap a 12% commission for buying foreign
currency through brokerages, confirming earlier reports by Tinkoff Bank and
Alfa Bank.
"We
think this decision heralds the end to a head-turning rally in the
rouble," CentroCreditBank analysts said.
In early
March, when the rouble was falling sharply as the United States and European
countries imposed sanctions against Russia for sending troops to Ukraine, the
central bank introduced a 30% commission on buying forex for individuals. The
commission has been later lowered to 12%.
Restrictions
on buying forex together with the order for export-focused companies to convert
80% of their FX revenues helped the rouble regain ground. On Friday, the rouble
hit its strongest level against the euro since June 2020 and jumped to a 2022
high to the dollar.
The move
to scrap the commission along with the central bank's decision to cut its key
rate to 17% should lower the rouble volatility, VTB Capital analysts said.
The
Russian central bank unexpectedly cut its key rate from 20% on Friday and said
future cuts were possible, as emergency steps had contained the risk to
financial stability, brought deposits back to banks and helped limit the threat
of inflation.
In March,
consumer prices in Russia jumped 7.61%, staging their biggest month-on-month
increase since January 1999.
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