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Exchange Difference Can be limited in Russia

Government is planning to limit exchange spread.

13.Jan.15 12:44 PM
By Abigail Richards


Exchange Difference Can be limited in Russia
State Duma of Russian federation asks Central Bank to implement limitations on exchange difference. This includes purchase and selling currency in local currency exchange points. Member of Tax and Budget Committee Dmitry Ushakov has already sent a request to Elvira Nabiullina where he asks to use limitations of currency spread up to 5%.

Ushakov says that situation on the currency exchange market is very complicated and ambiguous. Exchange difference between buying and selling is about $0.5. This influences the overall situation in the negative way and results in exceeding official currency exchange rate which is established by Central Bank. Such conditions lead to panic among Russian citizens.

The official also noted that current situation is rather irritating for suppliers and sellers of imported products. They need additional guarantees and securities. That is why product price can be sometimes higher due to possible risks. All above mentioned factors may result in inflation growth in 2015.

At the same time no one will prohibit banks selling currency at their own price. If they decide that 100 rubles per $1 is appropriate price, they can feel free to sell currency at this rate. On the other hand in such situation they are supposed to buy $1 for at least 95 rubles.

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