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  Tuesday, June 28, 2022
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MICEX intends to provide conditions for turning the ruble into a poly-convertible currency
MICEX intends to provide conditions for turning the ruble into a poly-convertible currency, Alexander Potemkin, MICEX director general, said on Friday at an international conference "Russian Ruble: 15 Years On the Way to Free Convertibility." In his words, the matter in hand concerns measures to let the ruble be exchanged directly, not via foreign stock exchanges, into other currencies, not only dollar. MICEX intends to begin with "completing the euro-ruble segment." To this end, Potemkin said, "a special clearing organisation is going to be set up within MICEX (electronic settlement organisation) that will conduct euro-ruble operations and euro-dollar operations." At the same time, achieving full convertibility requires more than mere poly-convertibility of the ruble. "We need more serious steps to provide convertibility conditions not only in the current but also in capital operations," said the MICEX head. This requires that non-residents be granted access to assets convertible into rubles. The key condition for complete convertibility is general economic stability, said Potemkin.
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