23 May 2022 18:32

Decision to lower FX sales requirement for exporters from 80% to 50% has been reached - MinFin

MOSCOW. May 23 (Interfax) - A decision to lower statutory sales of foreign currency revenue by exporters from 80% to 50% has been reached, the Russian Finance Ministry said.

The ministry said a sub-commission of the government's commission responsible for monitoring foreign investment, responsible for administering capital control measures introduced late February and early March, had reached the decision on Monday.

The step was related to the "stabilization of the ruble's exchange rate and sufficient level of forex liquidity reached in the domestic currency market," the ministry said.

The ministry said the new limit will go into effect on May 24.

The Central Bank at the end of April proposed lowering the limit for FX sales by commodity exporters to 50% and scrapping it altogether for non-commodity exporters. The Finance Ministry's statement did not mention any differentiation of the sales requirement.