The Russian government has decided to extend the requirement for mandatory sales of foreign exchange earnings for the largest Russian exporters for one more year, until April 30, 2025, according to a message from the Cabinet of Ministers on the Telegram channel.
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The measure went into effect in October 2023 and expired on April 30, 2024. The current ruling extends it until April 30, 2025.
“The decision will help maintain the stability of the exchange rate and the stability of the Russian financial market,” the statement said.
At the same time, the period for crediting exporters’ foreign currency earnings to the accounts was increased from 90 to 120 days.
Currently, exporters must credit 80% of foreign currency earnings to accounts in Russia and sell 90% of this volume. The decision was made against the background of the stabilization of the dollar exchange rate at more than 100 rubles.
At the exchange rate of the Central Bank of the Russian Federation as of April 27, the value of one dollar reaches 92 rubles. The dollar exchange rate reached its lowest values after the introduction of the measure in November and January – 87 rubles.
Author:
Anastasia Marina
Source: RB
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