Vice President of the Russian Federation Maxim Oreshkin said that the measure on the compulsory sale of foreign currency earnings introduced by the Russian government has shown its effectiveness. This was reported by TASS.
According to the president’s assistant, the government has made a very in-depth analysis of the consequences of this measure.
“In accordance with the decree on the expansion of Rosfinmonitoring’s powers, information is received from companies in this regard, and it is clear that the adoption of this decision has led to the elimination of unnecessary fluctuations in the activities of companies. “This is what we relied on, so it is clear that the measure is effective,” Oreshkin said.
He also noted that he would support the extension of this measure.
Before that the Russian government appreciated It was proposed to make the sale of exporters’ foreign exchange earnings mandatory and to extend this obligation until the end of 2024. The Russian Ministry of Finance also supported the continuation of the measure. At the same time, the Bank of Russia does not see any basis for such a scenario, and economists admit that even if the mandatory foreign exchange refund is extended, the dollar and euro exchange rates will not fall below 83.5 rubles and 92.5 rubles. .
Starting from October 16, 2023, Russian exporters must credit at least 80 percent of the foreign currency they receive to accounts in domestic banks and sell at least 90 percent of the credited proceeds on the domestic market. These rules apply to 43 company groups and are valid until April 30, 2024.
Elvira Nabiullina, formerly Governor of the Central Bank of the Russian Federation named The purpose of the forced sale of foreign exchange earnings.