The Ministry of Finance opposed the return to the mandatory sale of foreign exchange earnings
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The issue of the return of the mandatory sale of foreign exchange earnings by Russian exporters is periodically raised, the Ministry of Finance does not see the need for this. This was told by Deputy Minister of Finance Alexei Moiseev in the State Duma.
“The issue of returning to the mandatory sale of foreign exchange earnings is periodically raised, but so far no decisions have been made. Our position is firm: my position and the position of the minister is that there is no need to revise this approach now,” leads his words TASS.
From February 28, 2022, exporters were required to sell 80% of foreign exchange earnings under all foreign trade agreements within three working days from the date of receipt. The requirement applied, among other things, to revenue credited from January 1, 2022. This measure was introduced after the Central Bank lost the opportunity to intervene in the foreign exchange market due to the freezing of part of the gold and foreign exchange reserves.
Against the backdrop of the then rapidly depreciating ruble, the authorities began to ease foreign exchange controls, and in early May, the authorities allowed not to sell foreign exchange earnings to those who had import contracts, subject to a number of conditions. From May 24, 2022, the sales ratio has been reduced to 50% for all exporters. The Ministry of Finance explained this decision by the stabilization of the ruble exchange rate and a sufficient level of liquidity in foreign currency on the domestic market.
From June 6 last year, exporters were allowed to credit foreign exchange earnings to their accounts abroad (from March 1, this was prohibited by presidential decree), and from June 10, the government commission canceled requirement for the sale of 50% of foreign exchange earnings for raw and non-commodity exporters. On February 6, 2023, President Vladimir Putin canceled his decree requirement to sell foreign exchange earnings for Russian exporters.
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