Fetisov G.G. New Approaches to Currency Control: Liberalization or Growing of Transactional Costs?

The reform of exchange control realizes inconsistently and causes new risks. The establishment of partial reservation of importable and exportable capital flows together with the permission to open accounts in foreign banks stimulates outflow of capital. The liberalization of transboundary capital flow toughens the requirements to the quality of exchange control and macroeconomic policy. Especially its main contradiction between rising of dollar emission with purpose to stabilize the rate of exchange and emission restriction by overstating of Central Bank rate should be eliminated. Bank of Russia should widely use such monetary instruments as refinancing of banks credits and currency corridor.

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