VTB has prepared a proposal for the de-dollarization of the Russian economy

© RIA Novosti / Alexei Druginderal in Photobacterium – Chairman of Board of Bank VTB Andrey Kostin during a meeting with Russian President Vladimir Putin. 13 July 2018VTB has prepared a proposal for the de-dollarization of the Russian economy© RIA Novosti / Alexei Druginderal the image Bank

VTB has prepared proposals aimed at de-dollarization and de-offshorization of the Russian economy, said the head of the second assets of a Russian Bank Andrey Kostin at a meeting with Russian President Vladimir Putin, asking them to support.

«Our experts have prepared a draft of proposals aimed at further expansion of the use of the ruble in international settlements, to develop the Russian market for Eurobonds, equities and other derivative instruments, which are now only in the West are used. We need to create, I think, their instruments,» — said Kostin.

In his opinion, this will further protect the Russian financial sector from external factors. «And generally will give a new impetus to the development of the financial sector», — assured the head of VTB.

Kostin suggested that the head of state mandated to consider proposals with the relevant agencies, the government and the Bank of Russia. «And maintain the policy of further de-dollarization and de-offshorization of our economy», — said the head of VTB Ptinu.

The head of the state Bank also noted that the population of the Russian Federation since the beginning of the year, showing less interest in dollar deposits and credits relative to the ruble.

Kostin have repeatedly advocated the dedollarization of the financial sector of Russia. So, at the end of may, he supported the additional restriction of foreign currency lending, which is thought by the Central Bank. Later, the regulator increased the risk ratios for foreign currency loans to purchase real estate to 150% from 130%, according to the requirements of exporters, up to 110% from 100% and other requirements in foreign currency — up to 130% from 110%.