The exchange rate is now directly controlled by the Central bank. Trade with China is very problematic - sometimes it takes several months to complete a single transaction.
> The exchange rate is now directly controlled by the Central bank.
This is false. I don’t know where you have got this, when all information is public and easily available. Here’s how the official exchange rate us determined:
They just collect the data on OTC transactions from banks. The only way for Russian central bank to influence the exchange rate is to sell/buy and they do it only to stabilize the market when volatility is high. They do not have exchange rate targets and do not enforce specific rates in transactions.
This is false. I don’t know where you have got this, when all information is public and easily available. Here’s how the official exchange rate us determined:
https://cbr.ru/Content/Document/File/162004/metod_6290-u.pdf
They just collect the data on OTC transactions from banks. The only way for Russian central bank to influence the exchange rate is to sell/buy and they do it only to stabilize the market when volatility is high. They do not have exchange rate targets and do not enforce specific rates in transactions.