The Bank of Russia allowed people to transfer abroad up to $1 million per month. Previously, the transfer threshold was $150,000. The regulator explained the decision by a stable position in the foreign exchange market.
An increase in the threshold for the amount of transfers to foreign accounts is reported on the website of the Bank of Russia.
The new rules will take effect on July 1. Individuals residing in Russia may transfer abroad to their accounts or to the accounts of other persons up to $1 million or the equivalent in another currency within one calendar month.
A similar threshold will also apply to individual-residents of "friendly" states.
The regulator explained its decision by a stable position in the foreign exchange market.
In June, the Bank of Russia set a limit on transfers by individuals abroad at $150,000 per month. The head of the Central Bank of the Russian Federation, Elvira Nabiullina, spoke about the regulator's intentions to increase limits on foreign transfers during her speech at the congress of the Russian Union of Industrialists and Entrepreneurs on June 29.
Author:
Kirill Bilyk
Source: RB
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