News

State Duma will not send the ruble back to the past

Credit: Igor Russak | RIAN

State Duma deputies have not supported the idea of ​​introducing an exchange rate corridor for the ruble, insisting the floating exchange rate is the best option.

According to head of the State Duma Financial Markets Committee Anatoly Aksakov, a floating exchange rate helps mitigate the blows in case of turbulence on global markets, Finmarket agency reports. There are no bills restricting capital flows on the house agenda; on the contrary, the State Duma is adopting legislation that would facilitate companies’ operations with foreign currency, he said.

The reason the house members discussed potential exchange rate regulation was the comment by the State Duma Committee on Economic Policy on the Central Bank’s monetary policy report, where the committee recommended introducing restrictions to control the outflow of speculative capital. The committee members also recommended introducing light regulation of the ruble exchange rate, suggesting that these measures will revive investment demand in Russia. The Central Bank, on the contrary, has repeatedly opposed a regulated ruble exchange rate.

Previous ArticleNext Article