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. Last Updated: 07/27/2016

Hard Currency Rules Lightened By Central Bank

The Central Bank has issued new regulations that will change the way Russians buy and sell property, as well as procedures for transferring foreign currency in and out of the country.

Restrictions on using hard currency to purchase property abroad would be abolished, said Viktor Melnikov, the head of the Central Bank's currency regulation department.

Other affected transactions include payments for education, health care, insurance premiums and compensations, and pensions, Melnikov said Monday. Moves approved by the Central Bank on Saturday also simplify procedures for receiving currency credits for a period exceeding 180 days and for receiving payment in foreign currency when exporting goods or services.

The legislation, which will take effect after it is registered with the Justice Ministry within a month, also allows paying certain taxes and duties in hard currency.