Central Bank insists on full disclosure of information by exporters

The Bank of Russia did not increase the level of revenue to include exporters in the list of reporting companies. The regulator also advocates full disclosure of information by persons on this list. This follows from the comments and suggestions to two draft instructions of the Bank of Russia, to which the agency refers Interfax.

In December last year, a draft regulatory act was published, according to which the list of exporters providing the Central Bank with data on assets and liabilities should double. This list may include companies with export revenue or average monthly debt on obligations to non-residents for 2023 exceeding $1 billion.

The Central Bank proposed replacing $1 billion with $2 billion, but the regulator opposed it. “The reduction of the criteria is intended to expand the coverage of monitoring for the timely identification of potential imbalances that threaten the stability of the financial market,” the Central Bank believes.

Previously, the Central Bank published a draft directive that establishes the composition, form, timing and procedure for providing data for the largest exporters. According to the document, companies will have to send data not only on assets and liabilities in foreign currency, but also on balances in ruble accounts in foreign banks and debts in rubles to non-residents. At the same time, the deadline for providing information should have remained the same – no more than 15 working days from the end of the reporting month. Now the Central Bank has decided to increase the deadline for providing information. Information on receivables and payables must be transmitted on a quarterly basis, other information on a monthly basis.

In addition, the Bank of Russia was asked to reduce the disclosure of detailed sensitive information about the perimeter, form and countries of registration, while maintaining the fact of providing summary data on the perimeter of the company. In response to this, the regulator noted that the list will not be published; inclusion in it will be notified individually. In this regard, the Central Bank did not see any disclosure risks in obtaining detailed information.

Read about why exporters continue to hold currency abroad “Dollars accumulated in banks”.