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Russia suspends foreign currency sales

9 pointsby novategabout 3 years ago

2 comments

kragenabout 3 years ago
We limited bank account withdrawals here in Argentina in 02001; it was called the <i>corralito</i> and affected withdrawals in domestic currency too: <a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Corralito" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Corralito</a><p>At the time Argentina&#x27;s peso was pegged to the US dollar: 1 peso was 1 dollar, but the central bank was bleeding its reserves dry to support that peg, a peg which had destroyed much of Argentina&#x27;s domestic productive economy over the previous decade but halted hyperinflation.<p>After a couple of months the government dropped the peg and confiscated the dollar holdings of every bank account, replacing them with pesos at almost the old 1:1 official rate (1.4:1). Overnight the peso fell to just over a quarter dollar, so everybody lost three quarters of their dollar-denominated deposits. But the central bank suddenly had a lot of dollar reserves!<p>It probably won&#x27;t work out in exactly the same way in Russia. But some similar things may happen.<p>If I were in Russia right now I&#x27;d want to make sure a substantial percentage of my savings were in Bitcoin or gold.
hotdoxabout 3 years ago
In cash only. You can buy any amount of foreign currency cashless.
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