Russia to impose monthly foreign currency purchase limit of $500?
The party Communists of Russia has suggested it.
Head of the party Communists of Russia Maksim Suraikin has asked the administration of the Central Bank to impose restrictions on the amount of foreign currency that can be bought by citizens. It will help stabilize the rouble exchange rate, he believes.
He thinks that the increasing demand for foreign currency threatens the country’s economic security and stability and is one of the main reasons for the decreasing rouble exchange rate, Izvestiya reports. Suraikin thinks that the monthly limit should total $500 or the equivalent of the sum in other foreign currencies like euro.
His suggestion will help normalize the demand for foreign currency in Russia and stabilize the rouble exchange rate, the Russian politician believes. He also thinks that it will decrease the influence exercised by foreign currencies on the domestic Russian economy. The Central Bank will respond to Suraikin in 30 days.
The Russian economy is experiencing the consequences of the sanctions imposed by the USA, EU and other states in connection with its actions in Ukraine. The decreasing rouble exchange rate is one of the most alarming tendencies. It has decreased by 31% since December 2013. One dollar cost about 45 Russian roubles on November 10.
