Reversing course, Bank of Russia endorses new currency controls
© Reuters. FILE PHOTO: An employee holds Russian 1000-rouble banknotes next to a currency counting machine in a bank office in Moscow, Russia, in this illustration picture taken October 9, 2023.
Russia imposed currency controls to halt the rouble's slide soon after Moscow sent troops into Ukraine in February 2022, and the rouble's tumble past 100 to the dollar led to discussions by authorities about whether a return to such measures was needed to shore up the currency. Another source said the step had been taken because the weak rouble feeds inflation, which is something you cannot hide before elections. Russia is due to hold a presidential election in March 2024.
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