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Rumors about currency control in Russia have no sensible explanation — deputy PM

The president and the presidential administration understand the whole responsibility to preserve the achievements on the Bank of Russia and no one casts doubt on its status

Russia’s Central Bank Pavel Smertin/TASS

Russia’s Central Bank

© Pavel Smertin/TASS

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DAVOS. January 23./TASS/ The rumors about currency control implementation in Russia have no sensible explanation, said First Deputy Prime Minister Igor Shuvalov said on Friday at the Davos Economic Forum.

"One of the rumors was that we plan to put in place currency control, that we plan to bring back currency control, when the exchange rate began to seriously fluctuate," Shuvalov reminded.

'There is no common sense behind that, why would we set up currency control, when the dramatic change in the exchange rate already took place. People scare themselves by telling fairy-tales," Shuvalov said.

"We even decided to move up the deadline for the floating exchange rate introduction, but when it happened...what would be the purpose of reviving this institution," questioned the rumors Shuvalov.

"It is very difficult to recreate control. Many people must think that if we pass a law, we automatically get currency exchange control and it’s not so," he added.

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Russia’s international reserves down 3% over negative revaluation, currency interventions

Russian Central Bank's decisions often contradict stance of ministers

Shuvalov pointed out that Russia’s Central Bank often takes its own decisions in defiance of the opinion of the ministers of finance and economic development.

“The Bank of Russia independently takes decisions and very often takes these decisions in defiance to the stances of the finance minister and the economic development minister,” Shuvalov said.

Shuvalov stressed that “nothing signals that this situation can change.”

Meanwhile, he said that the president and the presidential administration understand the whole responsibility that “we jointly bear” to preserve the achievements on the Bank of Russia and no one casts doubt on its status.

Shuvalov said no additional measures of pressure on the Bank of Russia are planned to “save any state companies,” stressing that “we have no such a possibility.”.

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