The State Duma named migrants as the reason for the demand for currency and the rise in the dollar exchange rate
The rise in the dollar exchange rate in the Russian Federation is connected with the withdrawal of funds from the economy by migrants, which they send to their home countries.
Millions of money earned by migrants in Russia are sent to other countries.
The statistics of these transfers are unclear, but, without a doubt, we can say that these are huge amounts of money, State Duma deputy Mikhail Matveyev emphasized in his Telegram channel.
He explained that millions of migrants are withdrawing their earnings from the Russian economy.
According to the deputy, Tajikistan’s GDP consists of 50% remittances from the Russian Federation, Kyrgyzstan’s – a third, and Uzbekistan’s – up to 15%.
Matveyev apparently referred to data on the withdrawal of funds to the countries of Central Asia and the Caucasus.
He also stressed that migrants, by buying up billions of dollars, artificially create demand for currency and stimulate the growth of the exchange rate.
The deputy recalled that the dollar exchange rate on November 27 on the over-the-counter Forex market reached 114 rubles.
The Central Bank of the Russian Federation has decided not to buy currency for now in order to reduce volatility in financial markets until the end of the year.
At the same time, the bank will continue to carry out operations to sell currency related to the National Welfare Fund on the domestic market.
