The Russian government expanded its program requiring the largest non-financial exporters to sell a portion of their foreign exchange earnings. The move, outlined in an official Cabinet press release, aims to bolster stability in the domestic foreign exchange market by keeping liquidity at needed levels.
First Deputy Prime Minister Andrei Belousov noted that the measures demonstrated observable effects, contributing to market steadiness and improved liquidity amid ongoing pressures on currency markets.
The obligation for exporters to convert part of their earnings into rubles began on October 16, 2023, with a deadline for applications set for April 30. There is a proposal to extend the mechanism through the end of 2024, and Belousov indicated that a concrete plan to continue the program is being prepared.
Since the outset of the program, the ruble has strengthened against the U.S. dollar, moving toward a level near 90 rubles per dollar. Earlier in autumn, the USD briefly touched a rate around 101 rubles, highlighting the volatility that prompted policy actions.
As of 10:30 Moscow time, the U.S. dollar traded at 87.61 rubles, down 0.21%, while the euro was around 95.78 rubles, up marginally by 0.01%.
The Bank of Russia previously reduced the official dollar exchange rate as of January 23, reflecting ongoing adjustments in the currency framework and monetary stance.
Source: Cabinet press release. These changes are part of broader efforts to stabilize the currency market, improve liquidity, and support macroeconomic stability amid evolving external conditions. Analysts in Canada and the United States may monitor how such policy tools interact with global financial flows, commodity prices, and energy-market dynamics that influence exchange rates and investor sentiment. The sustained performance of the ruble and the ongoing policy evaluation will be watched for indications of longer-term implications for international trade, capital movements, and fiscal planning across North America.