The Central Bank called insignificant the balance of rupees in the accounts of exporters – Kommersant

Deputy Chairman of the Central Bank Alexei Zabotkin believes that the amount of funds remaining in the accounts of Russian exporters in rupees is insignificant in relation to the total volume of exports. According to Alexey Zabotkin, they will decrease in the future.

“There are some calculations in rupees, they have an insignificant volume in relation to the total volume of exports. Current balances are insignificant in relation to export volumes,” Alexey Zabotkin said on the sidelines of the digital finance forum (quote from Interfax).

Answering the question why the cash balances of Russian exporters in accounts in India are declining, the Deputy Chairman of the Central Bank noted that Russian imports from India are “not zero”. “It is a mistake to assume that the geographical direction of exports directly correlates with the currency of payment,” said the deputy chairman of the Central Bank. “Current balances are negligible relative to export volumes,” he added.

At the end of August, ex-Minister of Finance and former head of Otkritie Bank Mikhail Zadornov declaredthat the reason for the weakening of the ruble may be hanging on the accounts of the rupee. According to Mikhail Zadornov, companies from Russia that refuse to settle in dollars are paid for exports in rupees, which cannot be withdrawn due to strict foreign exchange controls.

Also denied the impact of hovering rupees on the fall of the ruble in the Ministry of Energy. The department said that oil companies return most of the foreign exchange earnings from Russia, regardless of the currency of payment.

Mikhail Zadornov’s statement followed an increase in the key rate by the Central Bank at an unscheduled meeting on August 15: the rate was raised from 8.5% to 12%.

Anastasia Larina