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Today's paper. Last Updated: 06/03/2012

Bank Eases Fears On Introduction Of New $100 Bill

The Central Bank on Tuesday tried to dispel confusion and panic about the coming introduction of the new $100 bill, ordering finicky currency dealers to accept the old bills without a commission.


The impending arrival of the new bill, due out in January, has prompted widespread anxiety in Russia, where the dollar is the currency of choice for many people's under-the-mattress savings.


The Central Bank said it will punish any bank or currency exchange booth charging money to accept old bills, Itar-Tass reported.


Acknowledging the importance of American baksy in Russia's economy, the U.S. Federal Reserve sent representatives to Moscow in July to ease fears about the new bill.


But rumors have abounded in recent weeks that banks and currency exchange booths would charge up to 20 percent commission to change "old" -- meaning any printed before 1996 -- $100 bills.




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