Russian banks remove foreign exchange business and force depositors to exchange foreign currencies

According to RIA Novosti local time reported on the 21st, the Federal Reserve Bank of Russia and the Russian Foreign Trade Bank have suspended foreign exchange transfer services to other banks. It is reported that even if bank customers want to transfer money to other banks in Russia, they must first convert the foreign currency in their accounts into rubles. At present, the mobile client of the savings bank of the Russian Federation has deleted the option of foreign exchange transfer.

At the same time, on June 21 local time, the Russian Ministry of labor said that the current tension in the Russian labor market began to intensify, and the number of unemployed people registered at the employment center began to increase.The ruble has been the currency unit of Russia for about 500 years. In January 1961, the gold content of the former Soviet Union currency ruble was set at 0.987412 grams, and the exchange rate against the US dollar was set at 0.9 rubles to the US dollar. The exchange rate has not changed much in the past 30 years. That is to say, a Millionaire (old ruble) is a millionaire in dollars.

After the collapse of the Soviet Union, the Russian ruble went through four major periods of devaluation: the initial years after the collapse of the Soviet Union in 1992-1995, the Asian financial crisis in 1998, After Russia annexed Crimea in 2014 and launched the invasion war against Ukraine, the West imposed sanctions on Russia. At the beginning of this year, the exchange rate between the US dollar and the ruble was about 1:75. Since February, the ruble has depreciated all the way with the deterioration of the situation in Russia and Ukraine.

At the beginning of March, the exchange rate between the US dollar and the ruble once reached 1:154, nearly twice the value at the beginning of the year. During this period, the currency market generally sold the ruble and bought safe haven currencies such as the US dollar.