MOSCOW (Reuters) – The Russian government on Saturday lowered a mandatory foreign currency sales requirement on major exporters from 60% to 40%, it said in a statement published on the Telegram messaging app.
“The decision was made taking into account the stabilisation of the national currency exchange rate and the achievement of a sufficient level of foreign exchange liquidity,” it said.
A requirement to sell 80% of foreign currency earnings was introduced to support the rouble in October 2023, and then reduced to 60% in June.
The Russian central bank has said that compulsory forex sales have helped calm volatility on the rouble market, allowing for controls to be relaxed.
The rouble hit a three week low this week, after initially strengthening in response to U.S. sanctions on the Moscow Exchange in June, causing Russia’s main financial marketplace to immediately halt trading in euros and dollars.
(Writing by Felix Light; Editing by Mark Potter)
