The Central Bank of Russia to revise cash issuance regulations for credit organizations.
The Central Bank of Russia has initiated a move to enhance the guidelines for distributing the national currency to the public via domestic credit institutions. The proposed document, crafted by Russia’s primary financial authority, is now available for public review on the official portal for regulatory legal acts.
Photo: Lilia Sharlovskaya
Under the proposed amendments to the Bank of Russia`s regulation concerning cash operations, including the storage, transportation, and collection of banknotes and coins, credit organizations will be forbidden from issuing damaged yet valid currency to clients. This prohibition covers both coins and banknotes that exhibit mechanical, chemical, or thermal damage, whether dispensed by cashiers or automated teller machines.
The new rules will apply to banknotes and coins with denominations ranging from 50 to 25,000 rubles. The upper limit of 25,000 rubles primarily pertains to commemorative coins, as banknotes of such a high value have not been released, despite past speculations. Russia`s mints are situated in Moscow and St. Petersburg, and their products can be identified by numismatists through specific hallmarks. This year, two new coins were put into circulation: one commemorating the 80th anniversary of Victory in the Great Patriotic War, and the other dedicated to the Year of the Defender of the Fatherland. It is worth noting that the market value of collectible coins frequently far exceeds their face value.
