Russian banks would require up to 2 weeks to settle issue of receiving 5000 ruble notes

It will take Russian banks between several days and two weeks to settle the issue of receiving 5,000 rubles notes, the Bank of Russia’s Head Elvira Nabiullina said on Monday. “Correct, some banks must have failed to equip timely all of their ATM to check validity of notes. They have decided to do so now. I believe, they will manage the problem within several days, perhaps two weeks,” she said in an interview with the Russia 24 television broadcaster. “To an extent it is a normal work for banks to fight counterfeiting,” she said adding activities of counterfeiters had been declining lately. “The banks accept notes at their offices, so I believe there is nothing to worry about.” A week earlier, Sberbank, VTB 24, Alfa Bank, Bank of Moscow announced they terminate acceptance of 5,000-ruble notes. Some banks confirm officially a big amount of counterfeit notes of that nomination. A banker, who chose to remain unnamed, told Itar-Tass about several new variants of counterfeited 5,000-ruble notes, which are complicated to identify as false without special equipment. Counterfeiters detained Meanwhile, police have detained a group of seven counterfeiters whose activities led to the suspension of banks to take 5,000-ruble notes in automated banking machines. All the detained persons are Uzbek nationals. As a result of an investigation, detectives received information that the group had left for St. Petersburg, where they put into circulation about 1,5 million counterfeit rubles. The persons were detained by police at Petersburg's Pulkovo airport. Four major Russian banks announced recently that they stopped taking 5,000-ruble notes because of a great number of counterfeits.