Government meeting
Excerpts from Dmitry Medvedev’s opening remarks:
Government meeting
I would like to begin with a draft law that should enhance the protection of commercial, tax and banking secrets. The act stipulates a dramatic increase in fines for illegally accessing or disclosing a commercial, tax or banking secret, probably to the level of the Criminal Code article on business fraud. I hope this measure will help improve the economic situation, the financial market including the forex segment, and will thwart those who plan to profiteer using insider information.
We have observed sharp fluctuations of the rouble lately. Most analysts now recognize that the rouble is greatly undervalued, which is partly due to the actions of mala fide players, such as ill-advised local restrictions on the euro and dollar sales. I would like to state with full responsibility that the Government of the Russian Federation and the Central Bank are absolutely unanimous on the issue: there is no reason to restrict the euro and dollar sales. This situation is backed by our substantial international reserves and the general macroeconomic situation.
Dmitry Medvedev:"The Government of the Russian Federation and the Central Bank are absolutely unanimous on the issue: there is no reason to restrict the euro and dollar sales. This situation is backed by our substantial international reserves and the general macroeconomic situation."
The Central Bank has issued a series of important policies – the regulator no longer keeps the rouble in a target exchange-rate corridor or resorts to regular interventions on the forex market. Several decisions have been made to stabilise the situation, some of them affecting the rouble’s liquidity. I am confident that the Bank of Russia has to be listened to, and that the rouble exchange rate should not be determined by speculative factors, as there are absolutely no reasons for further weakening of the rouble.
The key economic indicators are stable and there are sufficient reserves for development and support; the banking system is stable on the whole. The Government will continue implementing the existing programmes and plans we have made.
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