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Russia suspends foreign currency sales (barrons.com)
9 points by novateg on March 9, 2022 | hide | past | favorite | 3 comments


We limited bank account withdrawals here in Argentina in 02001; it was called the corralito and affected withdrawals in domestic currency too: https://en.wikipedia.org/wiki/Corralito

At the time Argentina'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's domestic productive economy over the previous decade but halted hyperinflation.

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!

It probably won't work out in exactly the same way in Russia. But some similar things may happen.

If I were in Russia right now I'd want to make sure a substantial percentage of my savings were in Bitcoin or gold.


In cash only. You can buy any amount of foreign currency cashless.


That you can do pretty much nothing with except change back to rubles...




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