Russia Bans Dollar Purchase

The Russian ruble’s value has been in a free fall lately, as western world continues to enforce some of the hardest sanctions on the Russian economy. Russia’s central bank announced that it is prohibiting citizens from using rubles to buy dollars and other hard currencies for the next six months. The order will expire on September 9.

Anyone wishing to withdraw hard currency will be limited to $10,000 USD, and any more will have to be withdrawn in rubles.

There are two major different opinions: one believes that this measure will be helpful for inflations, unless the individual is a millionaire, while the other is that this announcement confirmed the outflow of foreign currency as being severe and is now sure to guarantee run on the bank.

Russia has yet to leave Ukraine.

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