12 Oct 2023 13:36

Nabiullina: specific and temporary nature of mandatory foreign currency revenue sales by large Russian exporters is important

MOSCOW. Oct 12 (Interfax) - The requirement for the mandatory sale of foreign currency earnings applies to the largest exporters; the temporary nature of these measures is also important, Bank of Russia Chairman Elvira Nabiullina said in the State Duma.

"It is very important in this decree, and this was also our position, that the measures be targeted, that is, they affect 43 groups of the largest exporters. So, for a large number of small, medium, and large companies that have a small share of foreign exchange earnings, they will be able to maintain their current approaches and scenarios for foreign trade settlements," Nabiullina said.

"In addition, the decree provides for this as being temporary in nature, the ability of the government to establish the temporary nature of these restrictions. During this time, the effectiveness of this measure will be monitored," the head of the Central Bank said.