International - Globescan   

Rouble to be convertible

Vladimir Radyuhin

MOSCOW: Buoyed up by high oil prices and growing economy, Russia has decided to make its currency fully convertible by mid-year. Russia's Finance Minister Alexei Kudrin said all restrictions on currency movement would be lifted on July 1, making the rouble technically convertible. "We have accumulated large enough foreign currency reserves, which exceed $225 billion, to rank as a country with guaranteed stability of the national currency," Mr. Kudrin said. "We can keep our national currency stable over the next several years without having to resort to restrictions and controls." The removal of all curbs on the import and export of capital will make Russia more attractive for foreign investors and will promote the stability and security of the Russian capital, the Finance Minister said. He also promised to ease restrictions on employing foreign labour.

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