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- It has become greener: the difference in price for new and old dollars has reached almost 3 rubles
It has become greener: the difference in price for new and old dollars has reached almost 3 rubles
Banks sell new—style dollars for significantly more than the old ones - the difference in exchange rate has already reached almost three rubles. The correspondent of Izvestia was convinced of this. Old bills are more difficult to exchange abroad, and Russians are mostly looking for "fresh" dollars. Banks take advantage of this and set a margin. Officially, they conduct this as a commission "for the selection of bills." According to lawyers, the amount of commissions is not regulated in any way. What such a situation could threaten the economy and consumers in the midst of the holidays is in the Izvestia article.
Why are new-style dollars more expensive than old ones?
At the height of the holiday season, Russians are actively buying foreign currency. The demand for new-style dollars is especially high, because old ones are difficult to exchange abroad. Some points abroad simply do not accept them or do so at an unfavorable rate.
Against this background, banks significantly overestimate their exchange rate for updated banknotes. The correspondent of Izvestia was convinced of this. For example, in the Rostfinance bank branch, the difference was 1.5%. At the same time, the fact that it exists is reported only upon purchase.
Currently, the sale rates of new dollars may be higher than the old one by 1.80–2.80 rubles, Alexander Makarov, head of the cash circulation and settlements department at Zenit Bank, told Izvestia. According to him, it depends on the cost of purchasing banknotes by a financial institution and market conditions.
Banks began to actively apply different exchange rates last year. And then the margin was less high — it was about 0.5–1 rubles and in some cases reached two.
According to Vladimir Shalaev, a lawyer and partner at the Law Group company, this practice is illegal because the currency is not linked to the issue date of the notes. However, most banks circumvent these restrictions. Formally, they introduce payment for the selection of new banknotes. On average, such a commission can be plus 2 rubles to the exchange rate.
He noted that he had previously filed a complaint against such actions by banks, but the regulator did not respond to it. Izvestia asked the Central Bank if this was legal.
Formally, all Federal Reserve banknotes are equivalent, but financial institutions have actually turned the new dollars into a separate commodity with a premium, using a limited supply, explained Yaroslav Kabakov, Director of Strategy at Finam IC.
There is legal uncertainty in this matter, and the size of the commission is not legally limited, said Yuri Kosolapov, a lawyer in private practice. Financial organizations are taking advantage of the current situation. The commission received from consumers becomes the de facto profit of banks, he said.
The lawyer added that there had been attempts to regulate this area before. In 1995, the Central Bank and some banks issued an open statement stating that they had voluntarily decided to limit the amount of the commission.
Currently, new-style banknotes from 2013 in an updated design are considered dollars. Old — all the money that was issued earlier. After the redesign, the banknotes became darker, and a blue stripe appeared in the center - a holographic label.
Why is the demand for new dollars growing?
New—style dollars are in demand by tourists - many consider them more reliable when shopping abroad, said Igor Rastorguev, a leading analyst at AMarkets.
— This is especially true on the eve of the holiday season: travelers want to be sure that there will be no problems with bills in other countries. Banks, in turn, are facing a shortage of new banknotes. They are more difficult and expensive to import due to restrictions on cross‑border transactions and difficulties with international settlements," he explained.
As a result, financial institutions add additional costs to the exchange rate, setting a higher price for new dollars. For Russians planning a vacation, this situation creates several problems at once, the expert noted.
First, overpaying for new dollars increases the cost of preparing for the trip. Secondly, there is uncertainty: if one bank sells new notes at a premium, the other may refuse to exchange them at all or set even more stringent conditions. Thirdly, people run the risk of encountering problems when using old banknotes abroad, he concluded.
A similar situation can be encountered in a number of countries. In some exchange offices, old dollars are accepted at an unfavorable rate or they may refuse to take them at all. However, outdated versions of other currencies in some countries can only be deposited in banks to receive new banknotes.
Another reason for the different course is that checking new banknotes using advanced equipment to avoid counterfeiting is very expensive for banks, said Natalia Milchakova, a leading analyst at Freedom Global. In addition, due to the sanctions, there are currently difficulties with exchanging for new or disposing of old banknotes, so financial organizations are forced to sell them directly to the public, she said.
— At the same time, new dollars will be imported to Russia in any case. This will be done either through the sale of gold on foreign markets, or through the purchase of new banknotes by banks in third countries — the UAE, Turkey, Georgia or other neighboring countries," Natalia Milchakova added.
How to pay abroad
Old—style dollars tend to settle inside Russia - for example, they are stored as a reserve, said Igor Rastorguev from AMarkets. Some of these bills remain in banks' cash desks, but they are not always recycled due to low demand, he explained.
The expert also admitted that the commission could theoretically grow, especially if the shortage of new banknotes increases.
— However, this increase is unlikely to be uncontrolled: on the one hand, competition between banks will not allow setting openly predatory rates, on the other, the regulator may intervene if the situation begins to threaten financial stability, — said Igor Rastorguev.
The stabilization of logistics chains, a possible increase in the supply of new dollars, as well as increased awareness among tourists that old banknotes are still accepted in most countries will have a positive impact, he concluded.
Despite the commission, it is still better for tourists to purchase new banknotes, since the old ones in many countries simply cannot be exchanged, says Natalia Milchakova from Freedom Global. Or it will cause unnecessary difficulties during the holidays and especially against the background of Russian Visa and Mastercard cards that do not work abroad.
She also advised buying foreign currency in advance, as financial institutions may have a shortage of dollar liquidity during the tourist season. There are other ways, for example, to pay with Mir cards in those countries where they are accepted, or to apply for a foreign bank's "plastic".
In May, against the background of a strong ruble, Russians bought 151 billion rubles worth of foreign currency, according to a review by the Central Bank. This is 40 billion more than in April.
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