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... of savings accounts were introduced. Inflation soon eroded the value of these deposits, devastating household finances. These cases show that, despite a seemingly stable banking system, deposit freezes have been used as an emergency economic measure. Global Examples of Deposit Freezes Deposit freezes are not unique to Russia. International examples include: Cyprus, 2013: Amid a banking crisis, the government temporarily froze access to deposits and implemented significant levies to stabilize the banking sector. Argentina, 2001: ...

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