The Russian government supported the expansion of measures on the forced sale of foreign exchange earnings of the largest Russian exporters. This was reported in a press release Web site Cabinet
“The measures implemented showed their effectiveness and helped stabilize the situation in the domestic foreign exchange market by achieving a sufficient level of foreign exchange liquidity,” said First Deputy Prime Minister Andrei Belousov.
The obligation for exporters to sell part of their foreign exchange earnings began to be implemented as of October 16, 2023. The deadline for application is April 30. It is proposed to extend the operation of the mechanism until the end of 2024. According to Belousov, a suitable proposal is currently being prepared.
Since October, the national currency has strengthened to about 90 rubles per US dollar. In the autumn, the exchange rate of the American currency reached 101 rubles.
As of 10:30 Moscow time, the dollar is trading at 87.61 rubles (-0.21%) and the euro is traded at 95.78 rubles (+0.01%).
Formerly Bank of Russia downgraded Official dollar exchange rate as of January 23.