the Central Bank opposed the tightening of foreign exchange control – Kommersant
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The Central Bank, Economics Minister Maxim Reshetnikov and Presidential Aide Maxim Oreshkin opposed Finance Minister Anton Siluanov’s idea of tightening foreign exchange controls, sources said. Bloomberg. The issue, according to media reports, was resolved at a meeting with the president. Officially, no statements about the discussion of tightening currency controls were published.
According to Bloomberg, Mr. Siluanov initially proposed to oblige exporters to sell up to 90% of foreign exchange earnings. Previously about this informed a number of other media. The Central Bank, according to the agency, opposed. Other participants in the meetings, such as Mr. Reshentnikov, allegedly “did not take a hard line” and ended up joining Mr. Oreshkin, who sided with the Central Bank. Assistant to the President on the day when the exchange rate exceeded 100 rubles. per dollar published column in TASS, in which he attributed the easing to loose monetary policy. He noted that the Central Bank has the tools to normalize the situation.
According to Bloomberg, the position of the Bank of Russia is that the rate is determined by the balance of risks and the difference between rates abroad and in Russia. According to experts of the Central Bank, regardless of the tightening of capital controls, companies will eventually “find workarounds.”
As a result, even before meeting with the president, the authorities agreed not to impose mandatory restrictions, but instead to prepare recommendations for exporters. How reported Vedomosti, the government managed to negotiate with exporters on the sale of foreign exchange earnings.
Due to the weakening of the ruble, the Central Bank on August 15 raised the key rate by 3.5 percentage points at once, to 12%. As noted by the Central Bank, the decision was made in order to limit the risks for price stability.
More details – in the material “Kommersant” “Go dig”.
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