The Ministry of Finance proposed to oblige exporters to repatriate foreign exchange earnings

The Ministry of Finance proposes to introduce repatriation of foreign currency earnings of exporters. This was reported by “Izvestia” Director of the department of financial policy Ivan Chebeskov. According to him, the department is discussing different options for the operation of this mechanism, as well as interest rates and currencies in which such a mechanism should be installed.

In July, Delovaya Rossiya approached the government with an initiative similar to the Ministry of Finance’s initiative to repatriate assets. The organization proposed to renew requirements for the transfer of funds from foreign companies for exporters’ goods to accounts in authorized banks. In fact, it was proposed to again establish the return of revenue to Russia in foreign currency or rubles.

Now the Ministry of Finance is in favor of stricter currency regulation, in contrast to the Central Bank, said formerly the head of the department, Anton Siluanov. At the same time, leading analyst of Freedom Finance Global Natalya Milchakova, in a conversation with Izvestia, noted that by adopting such an initiative, the Ministry of Finance may face the fact that many exporters will lose the opportunity to deliver and sell currency in Russia due to sanctions. At the same time, according to the expert, the repatriation of foreign currency earnings is necessary for its mandatory sale to the state, or its impact on the ruble will be temporary.

Currency regulation began to be discussed again in August, when the dollar exchange rate began to exceed 100 rubles. After this, at an unscheduled meeting on August 15, the Central Bank raised the key rate immediately to 12%. After this, the ruble began to gradually grow. Head of Sberbank German Gref saidthat the measures taken by the authorities to stabilize the ruble exchange rate are not yet enough.

More details in the material “The ruble appreciates the support”.

Anastasia Larina