You can increase it even up to $ 50 thousand: why the Central Bank increased the limit on currency transfers for citizens

Experts believe that the next step of the Central Bank will be easing for Russian exporters.

Yekaterina Maksimova

The Bank of Russia, which announced May 16 currency easing for individuals, explained that the citizens of Russia, as well as non-residents from friendly countries now they have a right within a calendar month, transfer from your account in a Russian bank to your account or to another individual abroad up to 50 thousand US dollars or the equivalent in another foreign currency. Until May 16, Russian citizens could transfer money abroad from their bank account no more than 10 thousand dollars.

Transfers for labor migrants have also become easier: non-residents from friendly countries working in Russia under labor or civil law contracts can additionally also transfer funds from Russian accounts abroad in rubles and foreign currency in the amount of salary or payment for the performance of work and services and make the same transfers without opening an account.

Economist, member of the Supervisory Board of the Guild of Financial Analysts and Risk Managers Alexander Razuvayev called the regulator's decision natural and socially responsible. With a sharp strengthening of the ruble, the Central Bank, painlessly for the national currency, can ease restrictions on the movement of capital.

“The turnover of individuals, of course, is not comparable with the turnover of businesses, these are not such huge amounts, so the decision of the Central Bank was expected and logical. With new concessions, it will be easier for Russians to solve their personal issues: transfer abroad, for example, funds for an apartment sold in Russia, pay for the education of children abroad, send money to relatives, etc.”, - commented Alexander Razuvayev.

According to his forecast, if the Central Bank remains confident in the strength of the ruble, restrictions on foreign exchange transactions for citizens may be completely canceled by autumn. It is possible that further the regulator will announce an indulgence in relation to Russian exporters, who are now forced to sell up to 80% of their foreign exchange earnings. This figure can be reduced up to 50%.

By the end of spring, experts began to voice such forecasts more often. “Most likely, the Central Bank of the Russian Federation in the near future will continue to weaken the control of the movement of capital, as well as the requirements for the sale of foreign exchange earnings by exporters. Fundamentally, this will not change the balance of supply and demand in the foreign exchange market, but in the short term this may lead to an increase in the exchange rate", - Vladimir Bragin, director for analysis of financial markets and macroeconomics at Alfa Capital, quotes Finam.

Operations with cash currency for Russians have not changed yet. From March 2, it is forbidden to take out of the country cash currency (dollars, euros, pounds, and so on) in the amount of more than 10 thousand. The corresponding decree was signed by President Vladimir Putin to limit the outflow of foreign currency from the country. There are no limits on the purchase, it is allowed to buy currency, but if it is available from banks. As a rule, at the cash desks of financial and credit organizations, customers are denied this service.