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  Thursday, October 29, 2020
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Sergei Ignatyev :"In 2004, the de-dollarization of the Russian economy still continues
In 2004, the de-dollarization of the Russian economy still continues, Russian Central Bank Chairman Sergei Ignatyev said at the 13th international banking congress in St. Petersburg on Thursday. "This year the de-dollarization of the economy is still being maintained through the strengthening of the nominal ruble-dollar exchange rates," Mr. Ignatyev said. According to him, in the first quarter of 2004 the population's foreign cash in hand dropped by $3.5 billion. Sergei Ignatyev recalled that over the whole of 2003 the amount of dollars held by the population dropped by 6.6 billion. The strengthening of the real effective ruble exchange rates over the first 5 months of 2004 made 6%, Sergei Ignatyev added. "The dynamics of the real effective ruble exchange rates in May went sharply down. In May, the index equaled the one in April. Over the first 5 months it made 6%," Mr. Ignatyev said in his speech before the banking congress. He stressed that the Central Bank "still had a good chance" to keep within the guideline of the Basic Trends of the Monetary-Credit Policy and to prevent the real effective ruble exchange rates from strengthening by more than 7% a year. According to Mr. Ignatyev, the rising oil tariffs will also contribute to it.
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