According to November results, exporters’ share of net foreign exchange sales may approach 100 percent. This was stated in an interview by Elvira Nabiullina, Governor of the Central Bank of Russia (CBRF). RBC.
In October, the Central Bank of the Russian Federation stated that exporters sold 91% of their foreign exchange earnings.
Nabiullina noted that there is currently an increase in exporters’ foreign currency sales. In November, exporters’ net foreign exchange sales can even reach 100 percent of the turnover. According to statistics of the Central Bank of Russia, similar figures were recorded in March 2023 – 98%. However, after that, the share of net sales decreased due to the decrease in oil export revenues and the weakening of the ruble, and then began to rise again in the autumn due to rising oil prices and the entry into force of the decree on the compulsory sale of foreign oil. foreign exchange earnings. For example, in October last year, the share of net foreign exchange sales of exporters exceeded 100 percent and reached 107 percent.
According to Nabiullina, the growth in exporters’ share of foreign exchange sales is affected by many factors, and it is not possible to fully determine the impact of each of them. Firstly, this is the increase in oil prices in previous months, and this increase was reflected in sales with a slight delay.
Secondly, one-off factors related to the conversion of currency for dividend payments played a role. For example, Lukoil and Phosagro companies announced that they will pay interim dividends for the nine months of 2023.
The third reason for the growth in foreign exchange sales is that some exporters started to use foreign currency loans due to the high ruble loan interest rates and covered their expenses in rubles by selling the foreign currency obtained.
Formerly Central Bank of the Russian Federation elongated The right of banks not to disclose sanctions-sensitive data.