TASS: Bank of Russia considers feasible to convert state companies’ funds from dollars and euro

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MOSCOW (Aug 4): The Bank of Russia believes that it is reasonable to convert accumulated funds of state-owned companies to different currencies, the regulator said on its website, said TASS.

"It is feasible for nonfinancial organizations to convert accumulated funds in currencies of unfriendly states to other currencies. The release of relevant directives (recommendations) by the Russian government will be justified in respect of companies with the government participation," the Central Bank said.

Similar recommendations of the national government can also pertain to the need of abandoning currencies of unfriendly states in new contracts, the regulator added.