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Dollar, euro not to be banned, public to keep currency deposits, Central Bank promises

Other foreign currencies would not be prohibited either, Elvira Nabiullina specified

Russian Central Bank Chief Elvira Nabiullina Stanislav Krasilnikov/TASS

Russian Central Bank Chief Elvira Nabiullina

© Stanislav Krasilnikov/TASS

ST. PETERSBURG, June 16. /TASS/. When asked on the sidelines of the St. Petersburg International Economic Forum (SPIEF) whether the circulation of dollars and euros might be prohibited throughout Russia, Central Bank Governor Elvira Nabiullina said that it would not, assuring that the population’s foreign currency deposits would not be confiscated as well.

"No," she said when asked by the moderator of the SPIEF session, State Duma MP Andrey Makarov whether the dollar and the euro might be banned countrywide. The Russian central bank chief also noted that other foreign currencies would not be prohibited either.

Earlier, Nabiullina said the regulator had been pursuing the policy of de-dollarization both in the Russian financial system and in the economy overall for many years. She noted though that the Bank of Russia did not plan to fully abandon dollars in reserves.

After a number of western states slapped sanctions against Russia, including the EU’s ban on carrying euro in cash to the Russian Federation, the Bank of Russia restricted the circulation of foreign cash in the country.

The St. Petersburg International Economic Forum organized by the Roscongress Foundation is taking place on June 15-18. This year’s forum is dubbed: ‘New Opportunities in a New World’. The SME Forum, the Creative Business Forum, the Drug Security Forum, the SPIEF Junior Dialogue and SPIEF Sport Week are also planned as part of SPIEF. TASS serves as the event’s official photo hosting agency and the information partner.

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Central Bank of Russia SPIEF-2022

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