The head of the Bank of Russia, Elvira Nabiullina, opposed restrictions on the use of the dollar in the Russian economy.
Earlier, the government introduced a de-dollarization plan. It was suggested by the head of VTB Andrei Kostin and supported by the Ministry of Finance of the Russian Federation.

Discussions around dedollarization arose after there was a new threat of imposing US sanctions against large Russian banks.

Nabiullina recalled that the Bank of Russia differentiated the requirements for bank mandatory reserves and risk ratios so that it would be more profitable for banks to lend and attract liabilities in rubles, the Russian newspaper reports.

In order for the ruble to remain attractive for investors and used in international settlements, stable low inflation and low volatility of the Russian currency are needed, this will make it more profitable to work in rubles, explained the head of the Central Bank at the VTB Investment Forum “Russia is calling!”.

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