Business Services Industry

RUSSIA: EXPORTERS TO LOBBY AGAINST CURRENCY CONTROLS.(Brief Article)

IPR Strategic Business Information Database, January, 2000

IMF First Managing Director Stanley Fischer told reporters on 7 January that the fund does not support the Russian government's recently proposed policy of requiring exporters to sell 100 percent of their hard currency revenues to the Russian government. According to ITAR-TASS, Fischer said he believes that other methods of controlling hard currency flows are available.

"Izvestiya" reported on 10 January that the policy is a natural outgrowth of the government's need to balance its budget without IMF financing. According to the daily, a number of exporters, including diamond, aluminum, and steel industry executives, have expressed their skepticism about the measure while oil industry leaders are seeking to forge a common position. The newspaper, which is owned by...

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