Glazyev as ECE Minister returns to the idea of ​​a tax on foreign exchange transactions

The Minister for Integration and Macroeconomics of the Eurasian Economic Commission (EEC) Sergey Glazyev proposed introducing a tax on foreign exchange transactions. The purpose of the measure is to limit the export of capital abroad. Earlier, Mr. Glazyev has repeatedly called for tight currency regulation.

In his report, “On Forecasts of the Dynamics of the World Economy in the Context of the COVID-19 Pandemic and Possible Stabilization Measures within the EAEU” (.pdf) it says that the introduction of a tax on currency speculation in the amount of 0.01% may lead to the crediting of an additional 30 billion rubles . to the EAEU budget to finance targeted programs.

Also, to protect the financial market, Sergey Glazyev proposed fixing the currency position of commercial banks, as well as introducing a time lag between the application for the purchase and supply of foreign currency.

Earlier, the Eurasian Intergovernmental Council approved measures to ensure economic stability in the EAEU in the context of the COVID-19 virus pandemic.

About how the EAEU countries discussed work in a pandemic, in Kommersant’s article “Unity in Virus and Trouble”.

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