The Russian government announced in a statement via Telegram that it reduced on Saturday the mandatory percentage for major exporters to deposit foreign currency sales with the country's central bank from 60 percent to 40 percent.
She said, "The decision came taking into account the stability of the local currency exchange rate and achieving a sufficient level of liquidity in foreign exchange."
The requirement to sell 80 percent of proceeds in foreign currencies to support the ruble came in October 2023 before the percentage was reduced to 60 percent in June.
The Russian Central Bank says mandatory foreign exchange sales helped calm volatility in the ruble market, allowing these controls to be eased.
The Moscow Stock Exchange suspended trading in euros and dollars last week after the ruble reached its lowest level in three weeks. The ruble rose following the imposition of US sanctions on the stock market in June.
Comments