Putin promised to raise the threshold under exchange control transactions – RBC

President Vladimir Putin

Photo: Mikhail Klimentyev/Sputnik, Kremlin Pool Photo via AP

Vladimir Putin supported the idea to liberalize the exchange controls. The threshold for transactions that are not controlled government proposed to raise from $ 50 thousand to $ 100 thousand

President Vladimir Putin at a meeting with business in the Orenburg region had agreed to increase from $ 50 thousand to $ 100 thousand threshold amount transactions subject to currency control, the newspaper “Vedomosti”.

“we will take a Decision”, — said Putin on the proposal to raise the threshold of state-controlled transactions made by one of the participants. The President added that this will be done after consultation with all concerned departments. The proposal was also supported by the Minister of economic development Alexei Ulyukayev.

the Interviewed experts note that the change amount is small. For export contracts, the amount of $ 100 thousand are still very small, leads edition of the words of a lawyer GBLP Elena Belozerova. The head of the Center for support of foreign economic activities and regional development Galina Balandin believes that exchange controls should be altogether abolished. According to her, the currency control is archaic. The restrictions on the performance of foreign exchange transactions in developed countries no, said the expert.

According to the regulations of the Central Bank, now the residents are required to submit supporting documents and information connected with foreign currency transactions larger than $ 50 thousand, the Regulator was previously proposed to reduce this threshold to $ 25 million

Originally, the requirement applied only to legal entities, individual entrepreneurs and those engaged in private practice. In June of this year, the Central Bank proposed to oblige and individuals to issue the transaction passport, if they offer foreign currency loan to non-residents.

Later, in September of this year, it became known that the Ministry of Finance has proposed to weaken the currency control over the operations of people in their foreign accounts. According to the development Ministry, the foreign exchange resident of Russia proposed not to recognize a citizen who has been in the country less than three months.