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Foreign exchange earnings not favored by Central Bank’s opposition

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Moscow, April 12 – The Central Bank of the Russian Federation does not consider it necessary to return foreign exchange earnings to the country – companies now pay for imports with it, while exporters continue to sell foreign currency even without obligations, said Elvira Nabiullina, head of the regulator.
Now in Russia, the mandatory transfer rate of foreign exchange earnings to the accounts of residents of Russian banks is associated with the mandatory sale rate, which is zero.
Electronic presentation of the exchange office - 1920, 04/11/2023

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“As for the need to return export earnings and other restrictions on the currency, in our opinion, this is not necessary. The fact that our companies leave their profits abroad allows them to pay for the necessary imports,” Nabiullina said, speaking. in the Duma.
“Our exporting companies continue to sell export revenues. The share of sales may have decreased slightly, but not much, and they are still selling them even without commitments,” the head of the Central Bank added.
Russian Deputy Finance Minister Alexei Moiseev said on Monday that the Finance Ministry now sees no need to reconsider the decision to abandon the mandatory sale of foreign exchange earnings and return them to Russia.
Russian banknotes and coins of various denominations - 1920, 04/11/2023

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