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Compulsory sale of currency revenue by certain firms to push market volatility down

The improvement of export environment that was registered in Q3, drives export revenues up, the Bank of Russia noted

MOSCOW, October 12. /TASS/. Enforcing requirements on repatriation and compulsory sale of foreign currency revenue by exporters may contribute to lowering short-term volatility on the forex market, while the targeted nature of measures will permit maintaining the mechanisms of foreign trade payments that have been developed, for most participants of foreign trade activities, according to a commentary by the Bank of Russia obtained by TASS.

"Enforcing requirements on repatriation and compulsory sale of foreign currency revenue for 43 groups of companies may increase the efficiency of sale of currency by companies, improve the situation with liquidity and contribute to lowering short-term volatility on the market. Meanwhile, the targeted nature of those restrictions will permit maintaining the mechanisms of foreign trade payments that have been developed, for the majority of participants of foreign trade activities," the regulator said.

The improvement of export environment that was registered in Q3, drives export revenues up, the Bank of Russia noted. "The adjustment of imports to tightening of monetary conditions and growth of attractiveness of citizens’ and companies’ savings in rubles will support the ruble," it said.

The foreign trade balance and monetary policy pursued by the regulator aimed at lowering inflation are the key factors of stability of the currency market, the Central Bank added.

The Russian cabinet announced on Wednesday the introduction of sale of currency revenue for six months for 43 groups of companies for stabilization of the exchange rate.

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Russian missile cruiser Varyag enters Mediterranean Sea

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Russian air defenses down four Hammer air bombs, two HARM missiles over Belgorod Region

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At least 28 Palestinians killed in Israeli strikes on Gaza Strip — Al Jazeera

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According to objective control data, the crew members of the armored vehicle were injured

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Mikhail Razvozhaev warned of the danger of falling fragments and submunitions

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Americans undermine trust in dollar, its role as reserve currency themselves — Putin

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Russian MFA describes Putin’s China trip as defining for world’s future

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Russian troops use latest Upyr FPV drones in Kharkov push

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Russian MFA urges France to refrain from use of force against protesters in New Caledonia

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French Interior Ministry ignores Russian volunteers banned from working at Olympics

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Orban sees link between attack on pro-peace Fico, war preparations in West

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