Russia central bank restricts firms' access to cash in hard currency

[MOSCOW] Russia's central bank said on Thursday (Mar 10) that it was introducing restrictions on local firms' access to foreign-currency cash for the next 6 months.

During the period of restrictions, local companies and entrepreneurs who want US dollars, Japanese yen, British pounds and euros in cash can only receive up to US$5,000 worth and only to pay for overseas work trips.

The central bank, which has been taking steps to preserve precious hard currency in the wake of economic sanctions over Ukraine, added in a statement that the US$5,000 limit could be increased in special circumstances in consultation with the regulator. REUTERS