Item 1 of 2 A Russian flag flies over Russian Central Bank headquarters in Moscow, Russia December 3, 2018. REUTERS/Maxim Shemetov/File photo
MOSCOW, July 13 (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.
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Writing by Felix Light
Editing by Mark Potter
Our Standards: The Thomson Reuters Trust Principles.
