Nabiullina did not rule out approaching the share of sales of foreign currency earnings to 100%

At the end of November, the share of net sales of foreign currency earnings by exporters may approach 100%, said Elvira Nabiullina, Chairman of the Bank of Russia. In October the figure was 91%, in March – 98%, in October 2022 – 107%.

“We are now really seeing an increase in foreign currency sales by exporters. In November, net sales of foreign currency by exporters may even approach 100% of revenue,” said Ms. Nabiullina RBC.

The growth of currency sales is influenced by the increase in oil prices in previous months (reflected with a delay) and one-time factors associated with currency conversion for dividend payments. In addition, some exporters, due to the high interest rate on ruble loans, began to take out foreign currency loans and sell foreign currency to pay ruble expenses.

According to Ms. Nabiullina, “the decree” on the mandatory sale of foreign currency earnings “had some impact.” The head of the Central Bank advocated that the decision be temporary. In her opinion, companies are learning to circumvent restrictions, and they themselves are complicating international payments for import payments.

In October, Vladimir Putin signed a decree according to which exporters from a closed list are required to credit their accounts in Russian banks with at least 80% of the currency received under export contracts, in order to then sell at least 90% of this amount on the domestic market. On November 30, State Duma deputies approved a government bill on fines for failure to fulfill obligations to sell foreign currency earnings.

Details – in the material “Kommersant” “A percentage was assigned to the revenue”.

Leonid Uvarchev