29 Jun 2022 12:28

Russian govt to consider issues affecting ruble exchange rate next week

MOSCOW. June 29 (Interfax) - The Russian government will consider issues influencing the ruble's exchange rate next week, Finance Minister Anton Siluanov said.

"The exchange rate now has fundamental importance for exporters, so we in the government have agreed to look at proposals for the exchange rate next week," Siluanov said at the congress of the Russian Union of Industrialists and Entrepreneurs.

"The main thing, in our view, is the restoration of the forex purchases that the government conducted within the context of the fiscal rule. We have essentially completely liberalized currency legislation. If you have some sort of proposals for further liberalization, we'll consider them," Siluanov said, speaking to congress participants.

He said lifting currency restrictions and stimulating imports have not had an impact on the ruble's exchange rate.

"The only thing left is for either the Central Bank or the Finance Ministry to participate in the market. The Central Bank says the following: for me the principle of a free floating exchange rate is sacrosanct, the exchange rate is determined by the market, I will not intervene. This is the principle of the Central Bank. It has its place and a right to exist. The question is who else can participate in the currency market? The Finance Ministry did before within the context of the fiscal rule," Siluanov said.