The Central Bank of Russia renounces an idea to let the ruble free-float

The Central Bank of Russia (CBR) diminished its involvement in national currency support, despite poor macroeconomic indicators and challenging geopolitical environment due to events in Ukraine. This complies with CBR plans on calculation of free floating rate.

Presently if ruble exchange rate deviates from the middle of bi-currency corridor on 5,1 RUR and more, instead of 3,1 RUR, the regulator will recourse to exchange market intervention. Interventions upon the rate deviation on more than 5 RUR will be carried out to the value of 200 USD, instead of 300 USD.

Besides, the CBR reduced the value of interventions, leading to change of 7-ruble corridor borders from 1,5 billion USD to 1 billion USD. Prior to March, 2014 this value amounted to 350 million USD. At that moment the significant increase was generated by the panic on the exchange market due to Crimea annexation events.

Despite economic slowdown and challenging foreign policy environment, The Bank of Russia isn’t going to renounce the idea of the ruble free-floating, which is necessary for its full conversion and transformation to regional monetary unit for Customs Union countries.

However, it isn’t worth waiting for release of pressure on ruble in the near future. Recent events in the Ukrainian skyline have further reanimated the talks among Western countries about more severe sanctions in relation to Russia, which speculators wouldn’t fail to use.

Federal Bailiffs’ Service offers to keep data on bad debtors available to the public

Federal Bailiffs’ Service (FBS) offers to keep data on non-payers that can’t pay down the debt on the official website to the public access.

The proposed innovation is represented in a list of amendments “Order of establishing and prosecuting of the databank in the enforcement proceedings of FBS in electronic format”. This official act elaborated by FBS is posted on the intergraded informational portal of legislative instruments and the results of public debates of them.

Individual persons whose location, property and financials are trustworthy impossible to state, fall within the scope of the proposed amendment. Liquidated artificial persons or declared bankrupts are also will be listed to the public.

Data on bad debtors will be kept on the FBS’s website for three years. At the same time name and description of debtors that discharged debts must be removed from the database on the date of termination of execution proceedings.

The following information will be represented to the public access: the day of performance of a judicial act, the type and the number of an administrative case, the name of the issued establishment, the day and the number of the instituting enforcement proceedings, and also debtor’s surname, first name, patronymic and birthdate. If it is an artificial person, there will be its name and legal address. Furthermore, the information about the demands in the administrative cases will be also represented to the public.