The government supported the extension of the sale of foreign currency earnings by exporters

The government evaluates the effectiveness positively introduced in October 2023, the President demanded the mandatory repatriation of foreign currency and the sale of foreign exchange earnings by the largest exporters. It is proposed to extend these measures, said First Deputy Prime Minister Andrei Belousov.

According to him, the measures taken showed effectiveness and “helped stabilize the situation in the domestic foreign exchange market by achieving a sufficient level of foreign exchange liquidity.” “According to available data, in general, exporters comply with the requirements of the presidential decree. This made it possible to cover the deficit of foreign currency needed by importers to maintain supplies of products to our country,” said Mr. Belousov.

From October 16, 2023, 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. These rules apply to 43 groups of companies and are valid until April 30, 2024. The government proposes to extend them until the end of 2024. IN interview with Kommersant Andrei Belousov said that the mandatory sale of foreign currency earnings helps, among other things, to ensure the balance of the foreign exchange market.

In November, State Duma deputies approved a government bill on fines for failure to fulfill obligations to sell foreign currency earnings. Individual exporting companies (which ones are not specified) that are subject to the document must have authorized representatives of Rosfinmonitoring, whose tasks include monitoring and ensuring compliance with currency regulation rules.

Why exporters continue to hold currency abroad, read in the Kommersant article “Dollars accumulated in banks”.

Laura Keffer