Segmentation of the foreign exchange market, including with the use of so-called membranes, will lead to multiple exchange rates and negative consequences for the financial market as a whole, the Russian Central Bank said.
"Restrictions on the movement of capital are appropriate only as short-term response measures to maintain the smooth operation of the financial system in the face of significant risks to financial stability," the press service said.
According to the Bank of Russia, these restrictions cannot be an effective tool for long-term influence on the market level of the exchange rate.
Constant restrictions on the movement of capital complicate foreign economic activity, especially now when companies are forced to build new supply chains and new payment routes, the regulator emphasized.
"In addition, these restrictions make it difficult to adjust the exchange rate to changes in external conditions and can slow down the economy's ability to adapt to these changes," the statement reads.
