The government announced the procedure and sales volumes of foreign currency earnings. The president recently signed a decree in this regard: exporters must sell at least 90% of income in foreign currency credited to accounts in Russia. The measure should help stabilize the ruble exchange rate.
The authorities forced exporters affected by the presidential decree to sell at least 90% of the repatriated currency. Interfax reported this. Repatriated currency is considered currency that is credited to the accounts of Russian companies.
Some exporters are required to credit their Russian bank accounts with at least 80% of the foreign currency received under export contracts. Businesses must do so within 60 days of receiving the funds.
Then, within 14 days, exporters must sell at least 90% of what they received under foreign exchange contracts in the domestic market.
Vladimir Putin signed a decree on Wednesday, October 11, that forces some export companies to sell part of their earnings in foreign currency in the domestic market. The decree itself will not be published, the presidential press secretary previously said, so the list of companies covered by the decree is unknown.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
