The Russian government proposes to extend the mandatory sale of foreign exchange earnings by major exporters until the end of 2024. According to First Deputy Prime Minister Andrey Belousov, this measure has proven effective and contributed to stabilizing the situation in the domestic foreign exchange market.
The Russian government emphasizes the successful implementation of the decree on the mandatory sale of foreign exchange earnings, introduced in October 2023 and valid until April 30, 2024.
Recall that since October 16, 2023, Russian exporters are required to credit at least 80% of the received foreign currency to accounts in Russian banks and sell at least 90% of the credited revenue. These rules apply to 43 groups of exporting companies in the fuel and energy complex, black and non-ferrous metallurgy, chemical and forestry industries, and grain farming. The list of these companies has not been disclosed. The Russian government expected that the «presidential decree would reduce opportunities for currency speculation and create conditions for increased transparency and predictability in the foreign exchange market.»
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(Лоспеллс Хедлайнс)
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