Peskov called it the government’s prerogative to extend the sale of foreign currency earnings

Press Secretary of the Russian President Dmitry Peskov commented on the initiative to extend the mechanism for the sale of foreign currency earnings. He pointed out that this issue is the prerogative of the government. Now, according to Dmitry Peskov, the government is doing a good job of ensuring the stability of the pace of development of the Russian economy.

Today, January 23, Deputy Prime Minister Andrei Belousov stated, that the government proposes to extend until the end of 2024 the requirements for the mandatory repatriation of foreign currency and the sale of foreign currency earnings by the largest exporters. According to him, the mechanism introduced in October 2023 made it possible to stabilize the situation in the domestic foreign exchange market.

Answering a question from Kommersant FM whether the Kremlin considers it appropriate to extend the decree on the mandatory sale of foreign currency earnings, Dmitry Peskov said: “This, of course, is the prerogative of the government. You know that Putin regularly holds meetings on economic issues, where Andrei Belousov is also a regular participant. Therefore, this government decision ensures stability in the pace of economic development, and the government is doing this well.”

Dmitry Peskov also noted that Russia’s micro- and macroeconomic stability “is absolutely ensured and represents a good foundation from which to build on and maintain the pace of development.” “This is what our economy does,” he added.

Requirements for mandatory repatriation of foreign currency and sale of foreign currency proceeds act until April 30, 2024 for 43 groups of companies. The mechanism stipulates that Russian exporters must credit accounts in Russian banks with at least 80% of the currency received and sell at least 90% of the credited proceeds. IN interview “Kommersant” Andrei Belousov said that the mandatory sale of foreign currency earnings helps, among other things, to ensure a balanced foreign exchange market.

Read more about why exporters continue to hold currency abroad, and in the Kommersant material “Dollars accumulated in banks”.