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Russia Central Bank Bans Sales Of Foreign Currency For 6 Months
Russians who want to convert their rapidly devaluing rubles, as Joe Biden was quick to point out today... tweet ... into dollars or any foreign currency, are stuck for at least the next six months In a statement on Tuesday, the Bank of Russia banned banks from selling cash currency to citizens who do not already have FX accounts for period of 6 months starting March 9, effectively ending ruble convertibility until September 9. It's unclear if the ban means there effectively won't be a RUB FX market until September, but it may also be a hint that the current crisis will be over by then, one way or another. tweet ... (full story)
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