The measures taken by the Russian authorities to stabilize the ruble exchange rate are insufficient. Sberbank President and Chairman of the Board of Directors German Gref expressed this in an interview with Naila Asker-zade on the television channel:Russia 24“
“What is being done now to stabilize the exchange rate is not enough. Well, the Central Bank and the government understand this very well. Therefore, they are actively working to, firstly, understand the causes of this problem and, secondly, to find mechanisms to solve this problem,” Gref emphasized.
The other day, Associate Professor at the Department of Global Financial Markets and Fintech at the Russian University of Economics. GV Plekhanov Denis Perepelitsa, in a conversation with socialbites.ca, noted that the coordinated actions of Russian monetary authorities were able to keep the dollar in the 85-90 corridor for a long time. The economist explained that the increase in dollar and euro exchange rates in the summer months was due to the increase in capital outflow, the decrease in exporters’ incomes and, accordingly, the decrease in their sales.
Perepelitsa listed the steps taken to stabilize the ruble exchange rate as follows: “An agreement was reached with exporters on the regular sale of a part of export revenues, and efforts were made to strengthen control over capital outflow.”
A year and a half ago in the spring, the Central Bank of the Russian Federation decided that it was impossible to transfer money abroad from the accounts of residents of Russia – these are legal entities and individuals. Later, as the situation developed, this obligation was relaxed and now a limit of 1 million dollars was introduced for sending abroad.
On Monday and Tuesday, the ruble exchange rate strengthened sharply. On the Moscow Stock Exchange on Tuesday, dollar and euro rates fell below 93 rubles and 100 rubles, respectively. Now the dollar costs more than 96 rubles, the euro is 103 rubles.
Previously “socialbites.ca” saidThis led to a sharp strengthening of the ruble exchange rate.