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.