The Ministry of Finance proposes to introduce a mechanism for repatriation (mandatory repatriation) of exporters’ foreign currency earnings, said Ivan Chebeskov, director of the financial policy department. Options for mechanisms considered include interest rates and currencies in which mandatory repayments must be made. The newspaper writes about this as follows:News“
A similar initiative was voiced by the “Business Russia” organization in July. In the spring of 2022, a stricter measure was in effect: forced sale of currency within the country. Experts believe that repatriation will help support the ruble exchange rate, but this effect may be temporary. Due to sanctions, companies may encounter problems when transferring money to Russia.
Currently, the Ministry of Finance takes a stricter approach to foreign exchange regulation than the Central Bank of Russia (CBRF). Director of the Financial Policy Department Ivan Chebeskov said that this issue is being discussed, but a consensus cannot be reached yet. The ministry proposes to introduce a mechanism for repatriation of exporters’ foreign exchange earnings. Options may include different interest rates and currencies in which mandatory repayments must be made.
The debate on currency regulation resumed in August, when the dollar exchange rate exceeded 100 rubles. Then, on August 15, the Central Bank unplannedly increased the interest rate to 12%, which contributed to the strengthening of the national currency.
Previously existed in the Russian Federation Established Uniform personal income tax rate for remote workers.