Russia may return to selling foreign exchange earnings “at any moment” – Kommersant
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The Russian authorities are discussing the return of the mandatory sale of foreign exchange earnings to exporters, reports Reuters with reference to sources. One of them said that changes could happen “at any moment”.
According to the agency, the need to reintroduce strict capital controls arose from the authorities’ attempts to deal with a sharply weakening ruble as the dollar rose to 100 rubles/$ this week. An unnamed senior Reuters source “hinted” that a return to the sale of foreign exchange earnings is “inevitable”, despite the fact that part of Russia’s export earnings now come in rubles and Indian rupees.
February 28, 2022 Ministry of Finance obliged Russian exporters sell 80% of foreign exchange earnings under all foreign trade agreements. In May of the same year, the rate was reduced to 50%. In June, it was canceled, and the size of the sold share began to be determined by the government commission for the control of foreign investment.
Bloomberg sources the day before reportedthat Russia may partially restore capital controls to stop the fall of the ruble. Interfax sources said that the relevant departments and the Central Bank (CB) are discussing with exporting companies measures to stabilize the ruble exchange rate, including the return of the norm for the mandatory sale of foreign exchange earnings up to 90% of it.
Central Bank August 15 at an extraordinary meeting raised the key rate immediately by 3.5 percentage points, up to 12%. It’s like suggests regulatorenough for inflation to return to 4% in 2024 in the absence of new shocks. Nevertheless, against the backdrop of the decision of the Central Bank, the dollar returned to growth, up to 99 rubles/$. Today, August 16, he traded at the level of 97 rubles/$.
Details – in the publication “Kommersant” “Go dig”.
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