Central bank leadership announced a new policy requiring some exporters to convert a portion of their foreign currency earnings into rubles, a move that is intended to improve the speed and steadiness of foreign exchange sales and to bolster market liquidity. This information has been reported by Interfax.
Officials described the policy as temporary and targeted. In the near term, the government will set the volumes of currency that must be sold, while the central bank will continue to support a flow of information to ensure transparency. The central bank governor stressed that the core approach will remain for most companies, with only a minority of exporters facing the new requirement to sell a larger share of earnings in rubles (Interfax).
The governor emphasized that there is no disagreement between the central bank and the presidency over the policy direction. The decree, signed by the president, mandates mandatory foreign exchange sales for 43 exporter groups for a six-month period, a measure aimed at stabilizing the currency market and increasing liquidity. The central bank will monitor adherence and adjust operations as needed (Interfax).
Industry analysts warn that the measure may pose challenges for some exporters, yet foresee a calming effect on the ruble and a reduced risk of rapid fluctuations that could push the currency past the 100 ruble per dollar mark. At the same time, concerns persist about whether companies will be able to repurchase the sold currency later, which could reintroduce volatility or create windows of arbitrage (Interfax).
At the start of the week, analysts described the ruble’s level as economically justified at the existing market conditions. Some observers noted that the policy could influence pricing, hedging strategies, and the timing of foreign currency sales across the sector, potentially affecting trade competitiveness and capital flows (Interfax).
Earlier reporting noted a stance that some measures would not aim to push the ruble toward a specific target, such as 60 rubles per dollar, but rather to support a broader stability framework that accommodates daily market dynamics and macroeconomic signals (Interfax).
Industry voices underscore that the six-month horizon provides a testing ground for how such a regime might interact with monetary policy, external liquidity conditions, and global commodity markets. The central bank has signaled readiness to adjust the regime if market conditions demand it, while ensuring that policy remains aligned with inflation targets and financial stability objectives (Interfax).
Observers also point to the risk that mandatory sales could compress exporters’ near-term liquidity, potentially influencing investment plans, wage considerations, and capital expenditure. The balance, they say, lies in delivering sufficient currency supply to the market without creating new strains on corporate financing, especially for smaller players with limited hedging options (Interfax).
Overall, the move is framed as a temporary stabilization mechanism designed to enhance market confidence and currency predictability. The policy highlights the central bank’s willingness to use non-traditional tools to support macroeconomic stability during periods of volatility, while continuing to monitor exchange rate dynamics and the broader economic outlook (Interfax).