Gradual loosening of currency regulations can be expected in Russia

One should expect that a gradual, step-by-step liberalization of currency regulations would be conducted in Russia, Central Bank Deputy Chairman Oleg Vyugin said in an interview with the RTR state television. "If we see that the economy is developing, and there is a rise in investments and a reduction in the capital outflow, then some liberalization of these regulations can principally be acceptable," Vyugin pointed out. "If we see the contrary, i.e. we see that capitals are fleeing from Russia, posing a threat to stability, we will simply be forced to impose restrictions on capital operations," first deputy chairman of the Central Bank emphasized. Answering deputies' questions at a joint meeting of the Banking and Budget Committees of the State Duma, Vyugin stated earlier that he considered a cancellation of the compulsory sale of a part of export revenues premature. In his view, a compulsory sale of export revenues looks "artificial and useless" in a normal market economy. However, according to the Central Bank official, the Russian economy is not entirely a market economy yet, because it has "a big disproportion between prices (of different types of products)."

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