Ruble stable, Russia issues new regulations on foreign currency control
The statement read: “Today, at the Ministry of Finance of Russia, the subcommittee of the Government Committee for the Control of Foreign Investment in Russia decided to reduce the compulsory rate of sale of export earnings in foreign currency, which is regulated in Decree No. 79, from 80% to 50%”.
This is due to the stability of the exchange rate to the ruble and achieving the necessary level of foreign currency liquidity in the domestic market, the ministry explained.
The Russian ruble did not react strongly to the government’s decision. The exchange rate paid with USD at 6:21 pm Moscow time on May 23 fell to 57.73 Rubles to 1 USD and to the Euro fell to 59.8 Rubles to 1 Euro.
Earlier, on February 28, the Russian Ministry of Finance required exporters to sell 80% of their foreign exchange earnings under all foreign trade agreements.
However, in April, the Bank of Russia eased foreign exchange controls for exporters, increasing the mandatory period for selling foreign exchange earnings from three days to 60 days.
at Blogtuan.info – Source: danviet.vn – Read the original article here