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The requirement for the sale of foreign exchange earnings in Russia has been relaxed
The requirement for the sale of foreign exchange earnings in Russia has been relaxed
The decision is related to the stabilization of the ruble exchange rate and the achievement of a sufficient level of liquidity, the Ministry of Finance said 05/23/2022, Sputnik Georgia
2022-05-23T23:13+0400
2022-05-23T23:13+0400
2022-05-23T23:30+0400
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TBILISI, May 23 – Sputnik. The government commission reduced the requirement for the mandatory sale of exporters’ foreign exchange earnings from 80% to 50%, the Ministry of Finance of the Russian Federation explained this decision by stabilizing the ruble exchange rate and achieving a sufficient level of foreign exchange liquidity in the market, according to materials on the website of the Russian Ministry of Finance. “This is due to the stabilization of the ruble exchange rate and the achievement of a sufficient level of liquidity in foreign currency in the domestic foreign exchange market,” the ministry explains, RIA Novosti reported. The Russian Ministry of Finance had previously ordered exporters to sell 80% of foreign exchange earnings under all foreign trade agreements from February 28. The Central Bank of Russia in April already softened foreign exchange measures control for exporters: then, in the context of the stabilization of the situation on the foreign exchange market, the regulator increased the time for the mandatory sale of foreign exchange earnings to 60 days from 3 days. 87 rubles, euro – by 2.7 rubles, up to 60.1 rubles. In the course of trading, the euro fell to 58.27 rubles – a minimum since June 2015. The volume of trading in US currency with “tomorrow” settlements amounted to 2.7 billion dollars, European – about 2.5 billion euros.
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The decision is related to the stabilization of the ruble exchange rate and the achievement of a sufficient level of liquidity, the Finance Ministry said.
TBILISI, May 23 – Sputnik. The government commission reduced the requirement for the mandatory sale of exporters’ foreign exchange earnings from 80% to 50%, the Ministry of Finance of the Russian Federation explained this decision by stabilizing the ruble exchange rate and achieving a sufficient level of foreign exchange liquidity in the market, according to materials on the website of the Russian Ministry of Finance.
“Today in the Russian Ministry of Finance, a subcommittee of the Government Commission for Control over Foreign Investments in Russia decided to reduce the level of mandatory sale of export earnings in foreign currency, provided for by Decree No. 79, from 80% to 50%,” the report says.
The Ministry of Finance of the Russian Federation earlier obliged exporters from February 28 to sell 80% of foreign exchange earnings under all foreign trade agreements.
In April, the Central Bank of Russia already softened foreign exchange controls for exporters: then, in the context of the stabilization of the situation on the foreign exchange market, the regulator increased the time for the mandatory sale of foreign exchange earnings to 60 days from 3 days.
The dollar exchange rate with settlements “tomorrow” at 20.00 TBS (to close) on Monday fell by 2.37 rubles, to 57.87 rubles, the euro – by 2.7 rubles, to 60.1 rubles. During trading, the euro fell to 58.27 rubles – the lowest since June 2015.
The volume of trading in the US currency with “tomorrow” settlements amounted to 2.7 billion dollars, European – about 2.5 billion euros.
