Russia’s restriction on taking out more than 1 million roubles unlikely to significantly affect Armenian citizens or Russian relocators, says Central Bank Governor
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Russia’s restriction on taking more than 1 million roubles out of the country to Eurasian Economic Union member states and three other former Soviet republics, in force since 29 September, will not cause major difficulties for Armenian citizens working in Russia or for Russian relocators and tourists coming to Armenia.
Central Bank Governor Martin Galstyan made the remarks at a press conference.
“I do not see major problems because 1 million roubles is roughly equivalent to $12,000 or AMD 4–5 million. If I recall correctly how our compatriots working abroad manage their money, they generally send part of their earnings to Armenia through transfers during the year. As a result, the cash they bring back when they return is much less than that amount. So I do not think there will be a significant impact.
“I am not familiar with the behaviour of relocators, so we cannot model their behaviour. But I do not think they bring cash to Armenia every time they arrive. I assume most of them already have a relationship with Armenia’s banking system, which means they have international and Russian payment cards that they use in Armenia in certain ways. I do not think the cash restriction will significantly affect their behaviour,” Galstyan said.