Nabiullina urged to be more careful with currency restrictions – Kommersant
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The head of the Bank of Russia, Elvira Nabiullina, said that the authorities need to be very careful about the idea of currency restrictions, because business may begin to bypass the barriers introduced, as was the case in the late 1990s and early 2000s.
“About currency restrictions. It seems to me that we need to take into account the following: we all talk about how well we went through last year, and our business went through this, it adapted. And we must behave very carefully in order to say “the situation has changed, let’s build barriers.” What will happen to the business that built these chains? How will he live in this? He will begin to bypass these restrictions, we had this in the late 1990s – early 2000s,” said Ms. Nabiullina during the plenary session of the Mosfinforum (quoted from “RIA News”).
At a meeting of the State Duma Committee on the Financial Market on September 20, Deputy Minister of Finance Alexey Moiseev reportedthat the government is considering the idea of partially restoring foreign exchange controls to curb capital flight to friendly countries. At the same meeting, Deputy Chairman of the Central Bank Alexei Zabotkin said that the regulator does not support tightening foreign exchange controls. The current control measures, he said, were introduced solely as a response to sanctions.
Among such measures, in particular, are restrictions on transfers abroad of funds of non-residents of unfriendly countries from broker accounts, a commission on the purchase of currency, as well as a limit on transfers abroad (no more than $1 million). Also, Minister of Economy Maxim Reshetnikov voiced the idea of a “membrane” between the external and internal ruble markets.
Read more about this in the material “Exit into open osmosis”.
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