Russian ruble to be fully convertible in 2007

Russian ruble will be fully convertible by 2007, Deputy Finance Minister Alexey Ulyukayev declared in a live program on the Mayak radio station today. According to him, the Finance Ministry and the government have submitted a new bill on currency regulation and currency control to the State Duma lately. The bill envisages the introduction of a convertible ruble by 2007.

The Deputy Minister also pointed out that at present ruble was convertible for current transactions. He also noted that by 2007 the national currency would become convertible also for capital transactions.