Photo: TASS
« This phenomenon has recently become so widespread that, along with the fundamentals of the economy has a significant impact on the exchange rate fluctuations of the national currency. In the current economic conditions, it is unacceptable, as the sharp fluctuations, and especially the weakening of the national currency, entail extremely negative consequences for the economy, including inflation. And this must be tough fight, “- said Bastrykin, speaking at a session of the TFR, which addressed the issue of the effectiveness of investigation of crimes in the sphere of economy.
Chapter TFR recommend use against currency speculators are already available in the Criminal Code of the Russian Federation Article “Market manipulation” (Art. 185.3) and “misuse of insider information” (Art. 185.6) and lamented the fact that the court has not yet sent any case.
«It is necessary to understand the causes lack of enforcement of these standards. Is it the lack of training of operational staff that detect these crimes, or investigators, whether it is the imperfection of the law, “- said Bastrykin, instructing his subordinates to work out measures to improve the legislation.
Chapter TFR also proposed to amend the Criminal Code amendments Wikipedia articles 185.3 and 185.6, so that insider trading and market manipulation in the monetary sphere was an aggravating circumstance.
«I propose to consider toughening criminal responsibility for these crimes by introducing these articles this aggravating circumstance, as an act in the foreign exchange market “, – he said.
December 4, 2014, Russian President Vladimir Putin in his address to the Federal Assembly urged the Bank to deal with currency speculators. “I ask the government and the Bank of Russia to hold tight coordinated action to discourage so-called speculators play on the movement of the Russian currency. The authorities know who these speculators, and tools of influence on them is, it’s time to take advantage of these tools, “- said the president.
The next day, the President signed a number of orders, one of which is” recommended “the head of the Central Bank of Elvira Nabiullina and Prime Minister Dmitry Medvedev to take “coordinated measures to curb speculative activities and preventing cases of manipulation on the Russian currency market».
The head of the Russian presidential administration Sergei Ivanov told reporters that the investigation of speculation in the foreign exchange market will be engaged Bank of Russia, Ministry of Finance and the Federal Financial Monitoring Service. In turn, the Central Bank assured that the introduction of any administrative restrictions we are not talking, the fight will be conducted exclusively by economic methods.
The first deputy chairman Sergei Shvetsov, speaking December 10, 2014 at the X International A repo forum, said that the so-called currency speculators – not always bad for the currency market. “It is important to avoid the concentration of currency speculators, that was their diversity. Therefore, we must support them. Speculators – that’s good for the currency markets, “- he said.
The head of the Central Bank Nabiullina announced today that he sees no need to introduce criminal penalties for currency speculation.
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