I think that many central banks and financial authorities understand that any long term attempt to compete through an artificial depreciation of their currency will not be very effective in the long term.
A flexible exchange rate is important, and it shouldn't be artificially restrained because of the needs of the economy.
It seems to me that a market exchange rate which is not artificially controlled by central banks enables one to balance the interests of different market players - exporters and importers, investors, borrowers, lenders.
One of the main priorities of Russia's economic policy is to create conditions and form our own financial resources for economic modernisation.
