CBR extends deadline for non-resource, non-energy cos to sell forex earnings to 60 days

MOSCOW. April 20 (Interfax) - The Central Bank of Russia (CBR), continuing to gradually ease currency controls, has dramatically extended the period within which companies in the non-resource, non-energy sector must sell their export earnings.

These companies will be given 60 days to sell their foreign currency earnings under a presidential decree instead of the current three days, the CBR said in a statement.

"The easing of currency control rules will improve the ability of companies engaged in non-resource, non-energy exports to manage forex liquidity," the CBR said.

The allowance will be in effect until September 1, 2022 and can be extended if necessary.

The requirement for exporters to sell 80% of their forex earnings within three days was imposed by a presidential decree (No. 79) issued on February 28, 2022. Another presidential decree was issued in March that allowed deviations from this requirement with the permission of the authorities.