Banks in Belarus, Kazakhstan, and Kyrgyzstan Raise Fees for Cash Ruble Deposits
2 sources · Latvia
Who reported this
- Meduza
- Novaya Gazeta Europe
What the colours mean
- Left
- Centre-left
- Centre
- Centre-right
- Right
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Banks in Belarus, Kazakhstan, and Kyrgyzstan have significantly increased fees for nonresidents depositing cash Russian rubles into their accounts. According to a review of bank websites, at least 10 institutions have tightened their terms since the beginning of August. Fees that were between 2 percent and 5 percent at the start of the summer have risen to 10 percent to 15 percent at some banks, while Belarus's Neo Bank Asia now charges a flat 20 percent. These fees first appeared in June following a sharp influx of cash from Russia. A source at a Belarusian bank indicated that the surge in cash flowing into Eurasian Economic Union countries is a result of tighter controls on cash transactions within Russia.
How each side framed it
- Centre-left
- Outlets of this lean presented the fee increases as a direct consequence of tighter Russian financial controls and a surge in cash outflows.
Sources
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