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> Are we saying the exchange value of the ruble is being propped up by Russians who have dollar- or euro-denominated accounts purchasing rubles to run to the st
by sgjohnson 5y ago
> Are we saying the exchange value of the ruble is being propped up by Russians who have dollar- or euro-denominated accounts purchasing rubles to run to the store to get eggs? That seems absurd.
Except they passed a law that made ordinary Russians to convert their currency holdings to at least 80% RUB
Here's a source that mentions "exporters", but recently they extended this to cover absolutely everyone. https://edition.cnn.com/2022/03/09/business/ruble-russia-central-bank/index.html https://edition.cnn.com/2022/03/09/business/ruble-russia-cen...
- cirgue 5y agoThis is my point. There’s more to this question than just “well the Russians want to buy things”
- patrakov 5y agoThe article is inaccurate, unless the law on paper and the actually applied rules are different. Regarding the mandatory 80% sale of foreign-currency income, on paper, it does not apply to the income earned before 2022-01-01. So the majority of my EUR balance is still in my account.] The ban for making bank transfers outside Russia, on paper, applies only to transfers to one's own accounts abroad. There are reports that SWIFT transfers from non-sanctioned banks to accounts held by others still work - but I haven't tested this. Heh, it might be a good time to buy a small villa abroad while this is still legal ;)