The Russian economy has adapted to the sanctions conditions thanks to the timely decisions of the country’s authorities. The country’s economic development, responding to challenges, including restrictions, are part of systematic work, say experts from the University of Economics.
In this way, the Central Bank is already starting to ease currency restrictions. From April 11, Russians can withdraw cash from their bank accounts opened before March 9. The total withdrawal limit is: $ 10,000 or the equivalent in Euro. Over the limit will be issued in rubles.
Economists from the National Research University Higher School of Economics note that the sale of foreign currency is a logical continuation of other indulgences of the Central Bank: a one-time reduction of the interest rate by 300 basis points, the abolition of the commission for currency purchases in the amount of 12%.
The actions of the Central Bank, according to HSE professor Yevgeny Kogan, allowed to calm the panic and normalize the situation. Such cautious actions led to a slowdown in inflation. The expert also considers the reduction of the rate and the abolition of the commission for the purchase of foreign currency to be effective actions.
“We remember well that about 7 trillion rubles were immediately withdrawn from bank accounts a month ago. According to the president of the Central Bank, by March 20 the liquidity deficit had doubled to 3.5 trillion rubles. This means that the high stakes allowed people who took the money to think and return it to the banks, says Yevgeny Kogan.
Associate professor at the World Economy Department of the University of Economics Eduard Dzagitian also points to the literacy of the Central Bank’s policy, which adjusts the Russian economy to the pressure of sanctions in such a way that it shows the move forward:
“All activities in the economy are rational and are aimed at achieving economic equilibrium, and in commercial activities — at profit. The actions of the Central Bank of Russia are no exception, the expert emphasized.
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