MOSCOW, October 27. /TASS/. Exporters' mandatory sale of foreign currency earnings can only be a temporary measure to stabilize the ruble exchange rate, which is influenced by fundamental factors such as the ratio of exports to imports, Governor of the Bank of Russia Elvira Nabiullina said at a press conference following a meeting of the regulator's Board of Directors.
"Our position on the effectiveness of currency restrictions has not changed. We believe that such restrictions, if implemented, will have a short-term impact on the exchange rate, which is determined by fundamental factors such as exports, imports, and the attractiveness of the national currency as a means of savings. This is a temporary measure that applies to large exporters. We and the government will keep an eye on how it works in order to assess its impact," Nabiullina said.
She added that all major Russian exporters without exception are required to sell foreign currency earnings.
On October 11 Russian president Vladimir Putin signed a decree requiring certain Russian exporters to sell foreign currency. "According to the decree, a list of such exporters is being approved. They will be required, starting from the date set by the Russian government, to credit foreign currency earnings to their accounts in authorized banks and carry out mandatory sales of this foreign currency on the domestic market," presidential spokesman Dmitry Peskov said.