Reducing the threshold for the sale of foreign exchange earnings from 80% to 60% for the largest Russian exporters will help keep exchange rates in the optimal range for the country’s budget. This opinion was expressed to RB.RU by Anastasia Sorokina, head of foreign economic activity at Blank Bank.

Reducing the threshold for selling foreign currency proceeds to 60% will help maintain exchange rates, says expert
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“The measures taken in 2023 to compulsorily sell export earnings in the amount of 80% strengthened the ruble and helped stabilize the situation in the domestic exchange market, making it possible to cover the shortage of foreign currency that importers need to purchase goods abroad. . “said the expert.

According to Sorokina, lowering the threshold to 60% “will help keep exchange rates in the optimal range from the point of view of the country’s planned budget.”

At the same time, the “Blanka” expert noted that for the majority of businessmen who carry out foreign trade operations as of June 12, difficulties arise in determining the correct exchange rate. “It is difficult to say to what extent the reduction of the threshold will affect the exchange rate,” Sorokina summarized.

On June 21, the government announced a relaxation of the requirement that Russia’s largest exporters sell their earnings in foreign currency. They must now credit their accounts at authorized banks with at least 60% of foreign exchange received under foreign trade contracts, instead of the previous 80%.

It was reported that the decision was made “taking into account the stabilization of the exchange rate of the national currency and the achievement of a sufficient level of foreign currency liquidity.”

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Anastasia Marina

Source: RB

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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.


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