Central Bank of Russia sees no significant change in exporters' forex sales ratio in April-May - deputy governor

MOSCOW. May 28 (Interfax) - There has been no significant change in the ratio of currency sales to foreign exchange earnings by exporters in April-May, and this ratio is expected to remain at approximately the same level in the future, Central Bank of Russia Deputy Governor Philipp Gabunia said.

"Overall, we haven't seen any significant changes or problems in March, April or May. We expect the ratio to remain roughly within the same parameters," Gabunia said during a briefing on Wednesday.

The ratio of net foreign currency sales to forex earnings by major exporters in Q4 2024 - Q1 2025 stood at 89%, slightly above the average level for 2023-2024 (84%), according to the Central Bank's financial stability review.

Exporters continue to sell foreign currency above the thresholds established by presidential decree, Gabunia said.

"Regarding the decrees and pauses in them, we've always noted that even during periods when various decree thresholds were in effect, exporters still sold more of their earnings than required by the decrees. Therefore, from our perspective, the effect of canceling or maintaining these decrees is neutral. Other factors primarily influence this [the amount of currency sales by exporters], including interest rate differentials and exporters' own need for rubles," he said.