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Russian central bank chief sees no need for forex revenues mandatory sale

June 14, 15:51 UTC+3
The Russian Central bank chief says the floating exchange rate demotivated exporters from suspending foreign currency sales
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MOSCOW, June 14. /TASS/. There is no need at present to introduce compulsory sales of forex revenues by exporters, Russian Central bank chief Elvira Nabiullina said on Tuesday.

"In our opinion, there is no need to impose any restrictions or compulsory sales at present," she said.

The Central bank is monitoring forex revenues sales by exporters that are regular and stable and the floating exchange rate demotivated exporters from suspending foreign currency sales, Nabiullina added.

Microfinance loans

According to the bank's chief, it is not reasonable to ban microfinance loans in Russia.

"In our view it would be shortsightedly to ban microfinance loans. The demand for short-term loans is there," she said, adding that "people will turn to illegal money lenders in case of lack of regulated business."

 Foreign currency debts

Nabiullina added that Russian banks will repay their foreign currency debts to thebank by the end of 2017.

"We assume that the banks will repay their debts in foreign currency to us (the Central Bank - TASS) by the end of next year," she said.

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