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Russian presidential adviser offers tougher control over trans-border monetary flows

October 01, 2014, 11:28 UTC+3
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MOSCOW, October 1. /TASS/. Russian presidential adviser Sergey Glazyev offered to toughen supervisory measures over capital flight, particularly to introduce restrictions on foreign currency position of commercial banks to prevent the use of Russian Central Bank’s loans from speculative operations and reduce interest rates for the economy.

“For this purpose, specific measures of foreign currency and banking control should be used,” Glazyev told TASS.

“As part of these measures, it is expedient to introduce restrictions on the foreign currency position of commercial banks, termination of dubious banking transactions used for capital outflow with tax evasion and introduction of a capital flight tax,” the presidential adviser added.

The Central Bank of Russia (CBR) said on Tuesday that the regulator had not planned to impose restrictions on trans-border capital movement after the price of the bicurrency basket entered the CBR intervention zone amid rumors about possible introduction of such measures.

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