Economist Tuzov said that the ruble exchange rate requires soft currency regulation
Artem Tuzov, Executive Director of the Capital Market Department of IC Univer Capital, named measures to equalize the ruble exchange rate in the current economic situation. He explained that the introduction of soft currency regulation is currently required, transmits prime agency.
The dollar and euro continue to grow, despite the support of the Russian currency by the government and the Bank of Russia, the expert said. If restrictions on the sale of residents’ foreign exchange earnings and an increase in the key rate do not bring the expected results, then there are other methods, they were outlined back in 2015 by economist Mikhail Yuryev in the article “How to get out of the crisis,” he added.
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“We need to introduce soft currency regulation. Including a ban on deposits and lending in foreign currencies,” Tuzov said. He also said that a ban on currency speculation is needed, and residents should be required to sell one hundred percent of foreign exchange earnings.
The purchase of currency should be allowed only for settlements on transactions and contracts, the economist believes. He concluded that such proposals made seven years ago continue to be relevant.
Earlier, Alexei Vedev, Doctor of Economics, Head of the Financial Research Laboratory at the Gaidar Institute for Economic Policy, said that the main factor in the financial markets at the moment is the uncertainty factor, and the introduction of restrictions on the circulation of cash by the Central Bank is a reasonable step. The expert recalled that these are measures against banking panic, but they are not confiscatory, but restrictive.
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