The floating exchange rate of the ruble, combined with the inflation-targeted policy of the Central Bank, helped the Russian economy avoid a difficult scenario due to international sanctions. Words of Dmitry Timofeev, Director of the Control Department of the Ministry of Finance on External Restrictions leads to RBC.
Russia follows the so-called financial stability policy. This is a balanced budget for which the Ministry of Finance is responsible, and the Central Bank follows a policy of targeted inflation and floating exchange rate. This made it possible to avoid the kind of difficult scenario that the West apparently relied on,” he said.
According to him, the relatively stable functioning of the financial system was affected by the not so large share of imports in the country’s GDP.
We don’t have a lot of imports. If you look at GDP, then <...> is about 20%. But if there is export, there will be import, if not, it will not happen,” said Timofeev.
September 6, Director of the Department of Control on External Restrictions of the Ministry of Finance Dmitry Timofeev declarationHe said that Russia faces the task of changing the current global financial system. One of the goals in the near future will be to reduce Russia’s use of dollars in international payments. This is explained by the fact that the use of the American currency has become risky recently due to international sanctions against Moscow.
Source: Gazeta
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