Russia relaxes rules on forex buying

Russia will relax temporary capital control measures aimed at limiting a drop in the rouble by allowing individuals to buy cash foreign currency and will also scrap commission for buying forex through brokerages, the central bank said on Friday.

The rouble has rebounded on the Moscow Exchange from record lows in March to levels seen before February 24, when Russia started what it calls "a special military operation" in Ukraine, as capital control measures suffocated demand for forex. The swift rebound in the rouble raised concerns about its economic and financial impact as analysts have warned that the volatile and strong rouble could pose a threat to Russian revenues from selling commodities abroad for foreign currency.

The central bank said banks will be allowed to sell cash foreign currency to individuals from April 18 but only the notes they have received no earlier than on April 9.

The central bank is also scrapping its requirement for banks to limit the gap between prices at which they offer to buy and sell foreign exchange. But it recommended banks sell forex to import-focused companies at a rate of no more than two roubles above the market rate.

The central bank said individuals will be allowed to withdraw not only dollars but also euros from their accounts from April 11, but kept the maximum amount that can be withdrawn until September 9 at the equivalent of $10,000.

The rouble's rapid recovery has raised doubts about the durability of its gains. Anyone who tries to buy foreign currency online at a bank in Russia or, illegally, at a foreign exchange booth, or who buys goods and services online denominated in foreign currencies will find the actual rate considerably worse.