OREANDA-NEWS The Bank of Russia pointed out the risks of multiple exchange rates and negative consequences for the financial market when dividing the foreign exchange market and using "membranes". This was reported to TASS by the press service of the regulator.

Earlier, the Minister of Economic Development of Russia Maxim Reshetnikov said that the problem of high volatility of the ruble and inflation should not be solved by standard methods of currency control, but should study the Chinese model, where there is a kind of "membrane" between the domestic and foreign exchange market.

"The segmentation of the market, including the use of so-called membranes, will lead to a multiplicity of rates and negative consequences for the financial market as a whole," the Central Bank said.

The Bank of Russia stressed that restrictions on the movement of capital are appropriate only as short-term response measures to maintain the smooth operation of the financial system with significant risks to financial stability. "The Bank of Russia believes that such restrictions cannot be an effective tool for long-term influence on the market level of the exchange rate. Moreover, permanent restrictions on the movement of capital complicate foreign economic activity, especially now when companies are forced to build new logistics chains and new payment routes. In addition, such restrictions make it difficult to adjust the exchange rate to changes in external conditions and, accordingly, can slow down the adaptation of the economy to these changes," the Central Bank noted.