The expansion of sanctions shook up the currency market, but everything has already returned to normal.
After the Moscow Exchange fell under U.S. sanctions, the Central Bank began to determine the exchange rate based on over-the-counter trading. Having survived a small shock, the Russian currency has stabilized, but there is no question of a fixed exchange rate, as it is harmful to market relations. Moreover, the ruble is waiting for a real strengthening as inflation falls, said the head of the Duma Committee on Financial Market Anatoly Aksakov.
The deputy in a conversation with "Parliamentary Gazette" noted that after the United States imposed sanctions on the Moscow Exchange, some nervous individuals rushed to buy currency, driving up the price of the dollar to 200 rubles, but then everything returned to normal. On the interbank market, transactions were carried out at a price lower than before the restrictions.
Business-to-business settlements were not affected. Russian exporters are obliged to sell 80% of their proceeds. Currently, they do not sell it on the Moscow Exchange, but on the interbank market or directly, as it was before.
Aksakov emphasized that the actions of the U.S. and European authorities have undermined confidence in their currencies, in this regard, the euro and dollar rates against the ruble will decline.
The parliamentarian assured that there will be no fixed rate of the national currency. In this case, an illegal market may appear, forming the price on the basis of market laws. In Russia there will be a market rate, determining on the basis of supply and demand.
The expert recommended that Russians invest in roubles, as it is the most reliable and understandable currency. It is backed by the Central Bank, which conducts its work professionally and pursues a strict monetary and currency policy. The ruble exchange rate is currently high, but should strengthen as the regulator gets inflation in order.