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Mandatory foreign currency sale by exporters helps lower ruble volatility — Bank of Russia

"The situation on the global financial markets has a certain impact on the market, which leads to an increase in demand for dollar assets from international investors," the regulator specified

MOSCOW, November 7. /TASS/. Government measures on the mandatory sale of foreign currency earnings by exporters have somewhat lowered the volatility of the ruble exchange rate, the Bank of Russia said in its report.

"The reversal in trade balance trends and the key rate hike since mid-August have stabilized the ruble exchange rate <...> The ruble exchange rate was also influenced by a drop in seasonal demand for foreign currency connected with the end of the holiday season, tax payments, and certain significant corporate deals. Furthermore, regulations requiring exporters to sell foreign currency earnings have somewhat reduced the volatility of the ruble exchange rate," the report said.

According to the Bank of Russia, the exchange rate is still dictated by the situation with foreign trade - smaller quantities of export profits are received with increased demand for imports compared to the beginning of the year.

"The situation on the global financial markets has a certain impact on the market, which leads to an increase in demand for dollar assets from international investors," the regulator said.

On October 11, 2023, the Russian government announced that, in order to stabilize the exchange rate, the sale of foreign currency earnings for a six-month term will be implemented for 43 groups of companies. As a result, beginning October 16, individual Russian exporters must credit at least 80% of all foreign currency received in accordance with the conditions of their export contracts to their accounts in Russian banks within 60 days of receiving funds.

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