Home » News » Understanding the Potential Impact of a Double Ruble Exchange Rate on the Russian Economy: Insights and Analysis

Understanding the Potential Impact of a Double Ruble Exchange Rate on the Russian Economy: Insights and Analysis

by Alexandra Hartman Editor-in-Chief

2023-09-29 09:30:00

With the introduction of a double ruble exchange rate, a dollar will cost 150 rubles and 250 rubles. This was announced by the head of VTB Andrey Kostin. According to him, it is necessary to adhere to the current measures of the Central Bank.

“But in principle, I am once morest moving to any tough administrative measures. If we introduce two ruble exchange rates, one will be 150 and the other 250, that’s for sure,” Kostin said at the International Banking Forum in Sochi. According to him, this should not be done.

Kostin said that it is necessary to continue to adhere to the measures that the Central Bank has introduced at the moment and “gradually return to lower rates, to a more stable situation.” According to him, there are many geopolitical factors in the Russian Federation that affect the ruble. The issue of the emergence of a double exchange rate for the ruble began to be discussed following the initiative of the Ministry of Economic Development to introduce a “membrane according to the Chinese model” between the domestic and foreign ruble markets to stabilize the situation with the exchange rate.

Earlier, the head of the Central Bank, Elvira Nabiullina, said that currently export of products from the Russian Federation fell. She noted that the situation in the Russian economy remains uncertain. Therefore, the Central Bank will make decisions on the key rate depending on the effect of measures already taken, writes TV channel 360. The Central Bank issued a statement according to which withdrawal restrictions for Russians will remain until March 31, 2024, reports “National News Service.”

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