The expert doubted the effectiveness of the commission for the Russians when buying currency
2022-03-03 01:35

The expert doubted the effectiveness of the commission for the Russians when buying currency

The 30% commission for individuals when buying currency on the exchange, which was introduced by the Central Bank, showed low efficiency under the conditions of sanctions and freezing of foreign exchange reserves, as the ruble continued to fall even after the adoption of this measure, said Alexander Potavin, analyst of Finam Group, in a conversation with the editorial board of "Made in Russia".

He explained that importers need foreign currency to buy goods in the first place. Individuals, in his opinion, were not the main reason for the shock, which is observed at the moment on the foreign exchange market.

On Thursday, the dollar reached its all-time high of 118 rubles on the Moscow Exchange, despite the Central Bank commission. Immediately after that, many paid attention to the Chinese yuan, the rate of which also soared to 19 rubles (against 12 rubles in mid-February), said Potavin.

"Thus, the Central Bank's measures showed low efficiency under the economic blockade of the Russian Federation and the freezing of its foreign exchange reserves. The currency is primarily needed by local importers, who are buying it now to purchase goods in case the ruble continues to fall. Individuals, who were previously able to easily buy foreign currency on the exchange for their own needs, are not the root cause of the shock, taking place in our foreign exchange market now," said the expert.

The introduction of the fence commission on the purchase of foreign currency, in his opinion, creates two rates in the country: one - the market rate, the other - the official one.

"They will differ from each other by 30%. It is unprofitable for anyone - neither speculators, nor ordinary people - to buy and sell currency with a spread of 30%. This measure will reduce the demand of citizens for currency as a means of savings, but who will still need it to ensure their livelihood, and it will be bought at any rate," Potavin added.

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