2023-09-01 11:35:00
There is an update from 15:19 →
Photo: Vladimir Baranov/TASS
Moscow. September 1. INTERFAX.RU – The Ministry of Finance takes a conservative position regarding currency control measures, the Bank of Russia is more liberal, the parties are looking for consensus, Finance Minister Anton Siluanov said at a conference of the Central Bank.
“Earlier, the Central Bank was a very strict follower of upholding the topic of currency control. We, on the contrary, the Ministry of Finance was more liberal. Now it has changed: we are in favor of tougher measures regarding control over flows, since the situation is known (depreciation of the ruble – IF). The Central Bank, on the contrary, has taken a liberal position here. It’s OK. I’m sure we will find a joint solution and get closer,” the minister said.
He noted that the Ministry of Finance and the Central Bank are looking for consensus on this issue. “We are looking for him. And whoever searches will always find him,” Siluanov is sure.
Elvira Nabiullina, Chairman of the Bank of Russia, believes that only “mirror” measures of currency control should be preserved, and in general, currency restrictions should not create difficulties for participants in foreign economic activity (FEA).
“Now the currency control measures, in my opinion, should remain, first of all, those that are of a mirror nature, of a reciprocal nature,” she said.
She noted that many fear increased capital outflows amid easing of foreign exchange controls. In her opinion, the outflow must be fought with other tools. “The outflow of capital is a preference for the currency, because it is an outflow not only abroad, but when foreign currency deposits grow within the system, this is also included in the financial account. This is a preference for ruble assets, and is treated by completely different methods, including the key rate” – said the head of the Central Bank.
“Anyway, currency restrictions should not create difficulties for our economic entities, agents who now with great difficulty, but find ways to make payments for conducting foreign economic activity. Within this overall picture, of course, we need to look for what, maybe, to adjust here ” she stated.
Nabiullina recalled that before the events of February 2022, the Central Bank and the Ministry of Finance planned to liberalize currency control measures.
“In principle, before all these events (toend February 2022 – IF) agreed with the Ministry of Finance that it is necessary to liberalize currency control measures, because they are bypassed – both mandatory sale, and repatriation, and so on, but applied them in the spring (last year – IF) in conjunction with other measures to stabilize the situation on the financial market,” the Chairman of the Bank of Russia noted.
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