- Currency restrictions in effect is a present is a ban for foreign nationals to withdraw their funds from the Russian market, First Deputy Governor of the Bank of Russia Kseniya Yudaeva noted
According to TASS, Russia's state-owned news agency article published on February 3, 2023, the Bank of Russia has not implemented interventions on the currency market to support the ruble rate since the transition to investment targeting, First Deputy Governor of the Bank of Russia Kseniya Yudaeva said in an interview for the Tinkoff Private Talks YouTube channel.
"We are not performing interventions on the market - any interventions for purposes of financial stability were extremely rare after 2015. We accumulated reserves a bit in mid-2015 but there have been definitely no interventions for the rate support for the very long time, since we changed to inflation targeting. That is why currency restrictions are being discussed exactly when the topic of rate artificiality is discussed," Yudaeva said.
Currency restrictions in effect at present is a ban for foreign nationals to withdraw their funds from the Russian market, she noted. All payments are largely made to Type S accounts; Russian companies are to receive a special permit to make debt payments or make any other payments to foreigners.
"No interventions are at present; the rate is floating in this sense. Since there are many restrictions to either side for calculation of the capital, currency rate are determined to a much greater extent than before by what is occurring with the trade balance, that is, with exports and imports," the official said.
