Exporters 'temporarily' reduced FX sales after tax period, this weakened ruble - Central Bank

MOSCOW. April 10 (Interfax) - Export companies reduces sales of foreign currency after ensuring they had enough rubles for tax payments at the end of March, affecting the ruble's exchange rate in the process.

"Forex sales by exporters accelerated at the end of the month against the backdrop of the tax period. However, following the end of the tax period, there was a temporary reduction in sales of foreign exchange by exporters, which caused the ruble's depreciation to accelerate at the beginning of April," the Central Bank of Russia said in a financial markets review.

Net FX sales by the biggest exporters rose $3.8 billion during March to $11.61 billion.

The ruble weakened against the major currencies, falling 3.5% in March, but not as much as the 7.4% by which it fell in February, and no significant volatility as see on the currency market, Central Bank said.