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. Last Updated: 07/27/2016

No More Currency Permits

The Central Bank has stopped granting licenses to businesses for cash transactions in hard currency, according to a statement released this week.

The Moscow Department of the Central Bank announced that it had stopped giving out permits for the right to trade and to provide services for cash currency starting Nov. 1. "No exceptions to the rule will be made", the document says.

The move follows the Central Bank's decision announced last month to ban all cash transactions in hard currency starting Jan. 1.

The statement said that 935 Moscow organizations are now licensed to trade and provide services for hard currency and 80 per cent of them render services for cash.

It said only 200 of the licensed traders had given obligatory reports to the bank on their activities, adding that firms that did not provide the information could lose their licenses.