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Central Bank chief says no prerequisites for further exchange control liberalization

The Bank of Russia limited the circulation of foreign currency cash in the country amid Western sanctions and volatility on the financial market in early March

MOSCOW, November 8. /TASS/. Russia’s Central Bank currently sees no prerequisites for further liberalization of foreign exchange restrictions so far, the regulator’s Governor Elvira Nabiullina said addressing the State Duma (lower house) on Tuesday.

"Following the freezing of our reserves in foreign currency we could not carry out interventions to curb volatility on the foreign currency market. This is why we had to introduce a wide range of capital movement control measures. As the situation stabilizes, we gradually ease them for ensuring more comfortable conditions for international economic activities. However, we currently see no prerequisites for further liberalization," she explained.

The Bank of Russia limited the circulation of foreign currency cash in the country amid Western sanctions and volatility on the financial market in early March. The regulator banned purchases of foreign currency cash by individuals and restricted its provision from existing deposits for six months, from March 9 to September 9, 2022. Later it extended the restrictions for another half a year until March 9, 2023.