All major exporters subjected to repatriation decree; difficult to assess impact of this measure on the exchange rate - Nabiullina

MOSCOW. Oct 27 (Interfax) - All major exporters are subject to the presidential decree on the mandatory repatriation and sale of foreign currency earnings; it will be almost impossible to assess its impact on the exchange rate, among other factors, but the Central Bank does not expect a significant impact, Elvira Nabiullina, Chairman of the Bank of Russia said.

"As for the mandatory sale of proceeds, according to my information, all major exporters are included there, without exception," Nabiullina said at a briefing following a meeting of the board of directors of the Central Bank, where it was decided to increase the key rate 200 bps to 15 % per annum.

Nabiullina said that isolating the effect of this particular measure on the exchange rate is quite problematic. "But sales of currencies by exporters, even operational data show, are growing, but at this moment prices for export goods have also increased, plus there are lags in the receipt of export earnings, that is, the strengthening of the trade balance in previous years also affects this. Therefore, I think it is almost impossible to say correctly how much foreign currency will flow due to this measure," she said.