Bank of Russia Opposes Restrictions on Use of Foreign Curriencies

Russia's Central Bank said Monday it opposes the introduction of restrictions on the use of foreign currencies in the country.

MOSCOW (Sputnik) — The commission on economic and social security under the Russian Security Council has recommended to the Central Bank and the government to expand the use of the Russian currency and reduce the use of foreign currencies in domestic transactions.

"The Bank of Russia considers such restrictive measures unreasonable and unnecessary," the bank said in a statement.

The Russian currency lost 46 percent of its value in 2014, falling to 67.8 rubles to the dollar in December 2014, amid the continuing decrease in oil prices. However, this year the ruble managed to strengthen its position and climb to 51.6 rubles to the dollar, according to the rate set by the Russian Central Bank for Friday.

Earlier in April, the US news agency Bloomberg deemed the Russian ruble to be world's best performing currency, citing the ceasefire in Ukraine among the main reasons for the ruble's recent strengthening.

In January, the Russian government released an anti-crisis plan to stabilize the economy by 2017.

Last week, Russian Prime Minister Dmitry Medvedev confirmed the Russian economy was gradually adapting to the floating exchange rate of the ruble.