Transfers from Russians to foreign banks have increased 26 times in one year — RT Business News

Residents sent record amounts abroad throughout the year, Central Bank data shows

New foreign currency deposits held by Russian residents in foreign banks hit a record 1.47 trillion rubles ($19.9 billion) in the third quarter of 2022, according to data released Friday on the Bank of Russia’s website. Russia.

According to the regulator, transfers almost tripled compared to the previous quarter, when they amounted to 551 billion rubles. They also increased 26 times compared to the third quarter of 2021, when residents transferred only 57 billion rubles to accounts abroad.

Earlier, the Bank of Russia reported that as of November 1, residents held almost 4.19 trillion rubles in foreign accounts. Overall transfers during the three quarters of the year reached an all-time high.

According to the Governor of the Bank of Russia, Elvira Nabiullina, the outflow of foreign currency is not a cause for concern.

« The return of these funds to the Russian banking system, in rubles, will occur when people regain confidence in macroeconomic stability, in price stabilityshe said, adding that the regulator was not currently considering taking any special measures to limit transfers.

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In March this year, the Bank of Russia imposed restrictions on transfers to foreign banks for individuals to support the economy despite Western sanctions, by stemming capital outflows. Initially, residents were only allowed to transfer up to $5,000 per month to their overseas accounts, but the limit was later gradually raised to $1 million. The restrictions will be in place until March 31, 2023.

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