Russian exporters are individually coping with the emerging “ruble cycle” in an environment of forced sales of foreign exchange earnings. In this respect RBC said Rosfin’s vice president of monitoring German Neglyad.
The “ruble cycle” is a situation where exporters must partially convert their ruble earnings into foreign currency, return them to Russia, and convert them back into rubles. Some companies fell into this situation and were subject to a Presidential decree regarding the repatriation of foreign exchange earnings.
For companies, this mainly creates the problem of additional commission costs for currency conversion.
“Regulatory documents provide flexibility to exporters whose revenues are dominated by rubles. “For this purpose, there is an interdepartmental commission mechanism within the Russian Ministry of Finance, which can take into account the relevant request of the exporter and change the threshold value in each specific case,” he said.
He added that it is possible to make a targeted decision regarding each specific exporter.
former financier statedoil prices no longer immediately affect the ruble exchange rate.
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