Russia suspends sale of foreign currency until September

The Russian Central Bank announced, on Wednesday, that it has suspended until September 9 the sale of foreign currency in the country, which is under the weight of unprecedented Western sanctions against the backdrop of the invasion of Ukraine.

The bank said in a statement that between the ninth of March and the ninth of September, "banks will not be able to sell foreign currencies to citizens."

The bank explained that the Russians will still be able during this period to exchange foreign currencies against the ruble.

 The Russian Central Bank is trying to counter the deterioration of the Russian currency, the ruble, which has reached record lows.

The ruble fell to 137 against the dollar, in a worse position than the decline recorded by more than 10% when markets closed on Friday.

And the Wall Street Journal reported, on Monday, that traders say the ability to buy and sell the Russian currency is becoming limited as more banks avoid settling transactions in the foreign market.

The measures imposed by the United States, the European Union and several other countries are aimed at hitting the ability of the Russian Central Bank to prop up the ruble, in response to Russian President Vladimir Putin's decision to launch war on Ukraine.

With the ruble's purchasing power falling sharply, consumers who hold the currency are finding that they can buy fewer things with their money.

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