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Putin cancels requirement of 50% currency revenues sale by exporters

The share of compulsory sales of currency revenues by exporters had been initially set as 80%

MOSCOW, June 9. /TASS/. Russian President Vladimir Putin abolished the requirement to exporters to sell 50% of their currency revenues, according to the executive order of the head of state posted on the official web portal of legal information.

Residents - participants in foreign economic operation will be obliged to sell foreign currency "in the amount determined by the government commission on control over implementation of foreign investments in the Russian Federation, within the term set forth by the Board of Directors of the Central Bank," the executive order indicates.

The share of compulsory sales of currency revenues by exporters had been initially set as 80% and was reduced to 50% later. The Bank of Russia earlier extended the timeframe for compulsory sale of currency revenues by exporters from 60 to 120 business days.