Russia rules out foreign currency ban

Russia’s Central Bank Governor Elvira Nabiullina confirmed on Thursday that there will be no national ban on buying or selling foreign currencies. She also gave assurances that foreign currency deposits held by the population will not be frozen.

When asked on the sidelines of the St. Petersburg International Economic Forum (SPIEF) whether the circulation of dollars and euros could be outlawed, Nabiullina replied: “no.”

The Russian Central Bank chief added that no other foreign currencies would be prohibited either.

Earlier, Nabiullina said that despite the regulator’s long-running policy of de-dollarization both in the Russian financial system and in the economy as a whole, it is not planning to fully eliminate dollars from reserves.

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