The Central Bank of Russia is weighing a potential relaxation of the rule that compels exporters to convert and sell their foreign exchange earnings. This consideration was reported by RBC, citing the bank’s press service. The regulator is examining ways to ease the obligation and to adjust the timing for when proceeds must be sold, shifting away from the current three-business-day deadline after funds are credited to an exporter’s account.
Sources indicate that any new limits would be calibrated according to import costs and other relevant metrics. In essence, the central bank is looking at currency-control measures with a view to easing some of the burdens on exporters while maintaining macroeconomic stability.
This shift comes after earlier reporting by Vedomosti about difficulties exporters faced in selling proceeds. The issues were linked to a sharp drop in demand for the euro and the dollar as sanctions tightened, leading importing firms to sharply reduce turnover and lessen their need for foreign currency. The situation was further complicated by existing restrictions on transactions with individuals and legal entities.
One interviewee cited in the publications noted that on certain days exporters managed to sell only about half of the mandated 80 percent of their foreign exchange earnings on the Moscow Exchange. This underscored the friction between regulatory aims and market realities in the current environment.
On February 28, President Vladimir Putin ordered exporting companies to sell 80 percent of their foreign currency earnings on the domestic market. Subsequently, the Central Bank introduced a 12 percent commission on foreign exchange purchases and simultaneously placed limits on transfers of dollars, euros, and pounds abroad, shaping the dynamic faced by exporters and financial institutions alike.
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