Page 50 - RusRPTJuly18

7.0 FX
RUSSIA -FX
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
Currency (units per EUR) (eop)
76.54
71.21
70.88
63.81
60.60
67.50
68.45
68.87
Currency (units per USD) (eop)
67.61
64.26
63.16
60.66
56.38
59.09
58.02
57.60
Currency (units per EUR) (average)
82.32
74.38
72.15
68.13
63.27
62.88
69.22
68.81
Currency (units per USD) (average)
74.59
65.88
64.62
63.07
58.82
57.14
59.00
58.41
7.1 FX issues
VTB President Andrei Kostin said that the task set by the Central Bank of Russia to dedollarize the economy should be brought to a new level . In his opinion, it is necessary to fight against the dominance of the US currency in the international settlement system, Interfax reports. "The task needs to be put deeper, more - the de-dollarization of the world economy," said Kostin, noting that "the dollar has already scored all", it must be fought on a global scale. The president of VTB believes that, along with de-dollarization, de-offshorization of the Russian economy is also necessary. Kostin also considers it necessary to "re-register" the Russian economy. "All our enterprises, including the largest ones, are located in such jurisdictions that even I, as a member of the Geographical Society, can not find them anyway," he said. Chairman of the Central Bank Elvira Nabiullina at the International Financial Congress on June 7 recalled the tasks of de-dollarization of the Russian economy. According to her, in the liabilities and assets of banks, it is necessary to reduce the share of dollar liabilities and assets - deposits should be mainly in the Russian currency. And banks should issue loans mainly in national currency.
RUSSIA Country Report July 2018 www.intellinews.com