Russian minister promises "practically full" convertibility of rouble by 2007
Moscow, 26 November: The Russian rouble will be practically fully convertible from the year 2007. This was announced
by Economic Development and Trade Minister German Gref at a Russian-Finnish business forum on Wednesday (26
November).
"From 2007, practically full convertibility of the rouble is to be expected," the minister said. According
to him, this is connected with the adoption of a new law on currency regulation and currency control, which will be
considered on the third reading by the State Duma on 28 November.
Gref noted that the draft law "envisages the abolition in 2007 of all restrictions on the movement of capital
beyond the borders of Russia".
The minister also noted that "in this connection it is necessary to create favourable conditions for the
development of the banking sector". He announced that in the near future the government plans to implement a set of
measures for developing the financial sector. In particular, he said, "serious steps are expected to be taken to
lower the administrative and tax burden in the financial sphere".
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