Starting 21 June 2024, Russian exporters are required to deposit at least 60% of their foreign exchange earnings into accounts at authorised banks, a reduction from the previous 80%. This decision was taken due to the stabilisation of the ruble exchange rate and the sufficient level of foreign currency liquidity in the country.
The obligation to sell foreign currency proceeds for 43 categories of exporters, including companies from the oil and energy complex, ferrous and non-ferrous metals, chemical and timber industries, and grain farming, was introduced by presidential decree on 16 October last year. These exporters must now sell at least 90 % of the credited amount on the domestic market.
In May 2024, the largest exporters increased their foreign exchange sales by 13% to $14.9 billion, contributing to the strengthening of the ruble. The lowering of the threshold for the mandatory repatriation of foreign exchange proceeds is aimed at preventing imbalances in the foreign exchange market and reducing conversion costs for exporters.
Experts believe that the reduction of this practice will help reduce the volatility of the ruble and bring the exchange rate back to the usual ranges.
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