 RUSSIA IN FACTS |
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Russia could make ruble fully convertible starting in 2007 - Kudrin
MOSCOW. Dec 1 (Interfax) - It would make sense to talk about the full convertibility of the Russian ruble starting in
2007, Russian Finance Minister Alexei Kudrin has said.
Speaking at a roundtable discussion on business ties between Russia and the EU in Moscow on Monday, Kudrin recalled
that the State Duma and the Federation Council recently passed a new edition of the law on currency regulation and
currency control, which will take effect starting on July 1, 2004.
At the same time, the Central Bank will retain the right to impose
tough regulatory measures in cases of economic or financial
"This implies a new phase in regulating financial markets," he said.
The new law will remove all permission procedures, and the movement of money on current capital deals will not
require a sanction from the Central Bank, Kudrin said. The law also liberalizes a number of procedures.
instability, Kudrin said. He added that he hopes these measures will not be needed.
Under the law, the imposition of most of these restrictive measures will be impossible starting in 2007. "Even
the most cautious experts believe there will be grounds to talk about the full convertibility of the ruble starting in
2007," he said.
At the same time, Kudrin noted that the transition to a fully convertible ruble is a more complicated process than
simply lifting formal currency restrictions. He said only 25 countries can regard their currency units as fully
convertible. "We have chances to become one of them in about three years, and we are pursuing the relevant economic
policy," he said. [RU EUROPE ASIA EEU EMRG FRX ECI] va <>
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