The Complex Dismantling of the Foreign Exchange Controls
The Central Bank is executing a highly delicate, phased unwinding of the complex web of foreign exchange controls to avoid a sudden, destabilizing currency devaluation. The success of this gradual approach depends entirely on the continued accumulation of hard currency reserves from agricultural and energy exports, combined with the maintenance of strict fiscal discipline. A successful exit from capital controls is the absolute prerequisite for attracting the large-scale foreign direct investment required to restart economic growth.