Official: No foreign currency loan limits in dedollarization plan

MOSCOW, Oct 15 (PRIME) -- The government’s plan to shift Russia’s economy away from the U.S. dollar settlements does not contain any limits for banks to issue foreign currency-denominated corporate loans, Deputy Finance Minister Alexei Moiseyev told reporters on Monday.

Izvestiya business daily reported earlier that the plan to dedollarize Russia envisaged that issuing loans in foreign currencies to companies having insufficient foreign currency earnings will become unprofitable for banks.

“I know nothing about it. I only know that the central bank has significantly increased its ratios for banks’ foreign currency assets… The plan does not contain it,” he said.

Moiseyev also said that the Finance Ministry, the Economic Development Ministry and the central bank have some technical disputes on the switch from settlements in U.S. dollars, but all controversies will be eliminated soon.

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