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They passed a law that made ordinary people convert all their currency holdings to at least 80% RUB, therefore artificially creating demand for RUB.
by sgjohnson 5y ago
They passed a law that made ordinary people convert all their currency holdings to at least 80% RUB, therefore artificially creating demand for RUB.
- pakitan 5y agoThat's incorrect. Only companies who receive foreign currency are forced to convert 80% of that to RUB.
- vbezhenar 5y agoThat's not what I know. All people who receive USD from the foreign countries must exchange 80% of received USD for RUB. They can keep 20% in USD. That's mostly about businesses and freelancers. Another thing is: all people who had saving accounts in banks in USD can only withdraw $10k USD. Rest can be withdrawn in RUB or they can continue keeping it in bank hoping that things get better in the future. If I'm wrong, please provide source for you claim.
- sgjohnson 5y agoI stand corrected, it indeed appears that it only affects exporters. But my original point still stands, this creates artificial demand for RUB.