Some Armenian banks halt cash ruble transactions: report

PanARMENIAN.Net - Banks in several Eurasian Economic Union (EAEU) member states, including Armenia, have begun tightening rules for cash deposits in Russian rubles since June, according to RBC. The reported reason is an oversupply of cash Russian currency, which has become more difficult and costly to process.

According to Olga Burtseva, head of banking relations at FTL Advisers, some Armenian banks have completely suspended cash transactions in Russian rubles, including cash deposits into bank accounts.

She said non-cash transactions in Russian rubles continue under the previous conditions, indicating that the issue concerns only cash circulation.

The report says that at least eight Belarusian banks have introduced commissions of between 2% and 5% for cash ruble deposits into current accounts belonging to non-residents.

Kazakhstan's Bank CenterCredit has also introduced a 5% commission for accepting cash Russian rubles from non-residents through bank branches, terminals and ATMs. Kyrgyzstan's EcoIslamicBank has likewise imposed a 5% commission on cash ruble deposits and transfers via the SWIFT system.

Banks in Belarus, Kazakhstan and Kyrgyzstan have not officially announced any restrictions on non-cash transactions in Russian rubles.