Kostin warned that with the introduction of the “membrane” two ruble exchange rates may appear

With the introduction of a so-called “membrane” between the domestic and external foreign exchange markets, by analogy with the Chinese model, there will be two ruble exchange rates. The head stated this VTB Andrey Kostin during the Moscow Financial Forum.

“I am also against moving to some kind of tough administrative measures. If we introduce two ruble exchange rates, one will be 150 rubles, and the other will be 250 rubles. That’s for sure. This shouldn’t be done,” he said.

Kostin called the current situation on the market unusual due to a large number of geopolitical factors. In his opinion, it is necessary to continue to follow the measures that the Central Bank previously introduced, “gradually returning to a more stable situation.”

In an interview with the Russia-24 channel, Kostin explained that each economy has “its own specific features.” In his opinion, the Chinese economy both benefits and suffers from the “membrane”. Chapter VTB stated that Russia has already passed this path and called on “to look for steps forward” and not return to the old ways. He called the proposed transition “to a double or triple exchange rate” of the ruble a counterproductive measure.

The head of Sberbank, German Gref, also spoke out against the “membrane”. Commenting on this proposal at the International Forum “Eco Altai. Thread of Nature”, he statedthat such a measure would be a “step backward”, since a “membrane” between markets would mean a “lack of convertibility”, which would cause “huge damage” to the economy.

On September 25, at a meeting of the Federation Council Committee on Economic Policy, Minister of Economic Development Maxim Reshetnikov offered apply “an analogue of the Chinese model” when “there is a certain “membrane” between the domestic ruble market and the external ruble market.” Reshetnikov added that “this is not a question of two courses, by no means.”

The Central Bank responded to this proposal answeredthat market segmentation, including the use of so-called “membranes,” will lead to multiple rates and negative consequences for the financial market as a whole. Chairman of the Bank of Russia Elvira Nabiullina also turned Please note that China has been trying to liberalize financial markets for several decades. She called the possible application of the Chinese model a movement backwards.