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Russian ministry offers to let central bank invest in foreign firms

October 01, 2014, 14:05 UTC+3 MOSCOW
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MOSCOW, October 1. /TASS/. Russia’s Finance Ministry has proposed allowing the central bank to invest money of the foreign exchange and gold reserves in shares and bonds of foreign companies, according to draft amendments to the central bank law seen by PRIME late Tuesday.

The proposed amendments are in line with the central bank’s policy of introducing a floating exchange rate for the ruble. Market principles of a free-floating exchange rate mechanism concerning the national currency allow for easing requirements to foreign reserves’ liquidity and for diversifying a financial assets portfolio to raise the yield.

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