Russia suspends foreign currency sales as sovereign default ‘imminent’

Russia has suspended the sale of overseas currencies till September in a scramble to continual its economic system, as rating company Fitch indicated that a sovereign default is imminent.

Citizens will not be capable to purchase foreign currencies in neighborhood banks but they will, nevertheless, be ready to modify them into the community ruble device.

Amongst March 9 and September 9 “the banking institutions will not be ready to provide foreign currencies to citizens,” the Russian central bank claimed in a assertion.

Dollars withdrawals from overseas forex accounts at Russian banks will be constrained to $10,000 until eventually September 9.

Withdrawals on this sort of accounts will only be permitted in dollars irrespective of the currency in which the account is denominated.