Reshetnikov announced the need to return to the "equilibrium rate" of the ruble

The current high exchange rate of the ruble makes products from RUSSIA uncompetitive, it is necessary to return to the equilibrium rate, said the HEAD of the Ministry of Economic Development Maxim Reshetnikov. According to him, in the financial sector, Russiaphased out restrictions

The high exchange rate of the ruble makes Russian products uncompetitive in the foreign market, while the DOLLAR is close to a local minimum, Russian Economic Development Minister Maxim Reshetnikov said, TASS reports.

“The current exchange rate is a problem in the long run, because the real effective exchange rate is 40% stronger than in the last five years. This means a serious challenge for the domestic producer, which, as the import channels are restored, will increasingly feel pressure, compete with them, lose this competition,” Reshetnikov said, expressing the opinion that it is necessary to return to the previous, equilibrium exchange rate of the ruble.

The head of the Ministry of Economic Development also noted that Russia is gradually lifting restrictions in the financial sector, and the Central Bank has the opportunity to reduce the key rate again in early June.

The Central Bank denied the data on the introduction of restrictions on cash withdrawals

Compared to the beginning of March, the ruble more than doubled against the dollar and the euro, according to analysts, this was facilitated by restrictions on the movement of capital introduced by the Central Bank and the Ministry of Finance (obligations to sell EXPORT earnings, limits on cash withdrawals in Russian banks, a ban on the sale of securities securities of non-residents, etc.).

However, after the reduction of the key rate of the Central Bank to 11%, the situation changed: even at the time of the announcement of an unscheduled meeting of the Central Bank, the ruble weakened against currencies - from about 56 rubles. at the opening of trading to 59.3 rubles. on the evening of May 25 against the dollar and from 57.9 to almost 61 rubles. to the euro. At 17:17 on May 26, the dollar rose to 65.4 rubles, and the euro - to 69.8.

In early March, the Central Bank banned banks from selling cash for rubles. Only those who already had a foreign currency account could withdraw it in dollars (later the regulator allowed withdrawals in euros), while the amount was limited to $10,000. Bank customers can buy any currency and open new accounts and deposits without cash. At the end of April, the chairman of the Central Bank, Elvira Nabiullina, said that the restrictions introduced before September were unlikely to be lifted ahead of schedule, adding that the Central Bank would monitor the development of the situation.

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In May, the Bank of Russia lifted the restriction on the sale of cash foreign currency for rubles, making an exception for the dollar and the euro. The Central Bank indicated that the previously introduced restrictions on dollars and euros remain until September 9: citizens can only buy currency that has been received at the box office since April 9. They were allowed to sell from April 18.