The Government of the Russian Federation published the parameters of the mandatory sale of foreign exchange earnings by exporters

The apparatus of the Government of the Russian Federation published details on the requirements for the mandatory enrollment of foreign exchange earnings on Russian accounts, which will be presented to large companies, writes RBC.

According to this message, selected large companies will oblige to return to Russia at least 80% of their foreign exchange earnings from October 16. 90% of the returned funds will need to be sold for rubles.

The transfer of funds in the Russian Federation must be carried out no later than 60 days after their receipt, and to sell currency in Russia within two weeks after the transfer. In addition, companies need to sell at least 50% of the funds received from each export contract concluded. According to Deputy Prime Minister Andrei Belousov, these measures should “increase the transparency and predictability of the currency market, reduce the possibility for currency speculation.”

The signing by President Putin on the mandatory sale of foreign exchange earnings by exporters became known on October 12. It concerned 43 groups of companies related to various fields of activity. The decree itself, as Putin’s spokesman Dmitry Peskov said, wears the bar “for official use” and will not be published-which means which companies it concerns specifically will remain unknown.

Bloomberg economist Alexander Isakov, in a conversation with The Insider, noted that the strengthening of the ruble rate by 3% in recent days reflects expectations from the effectiveness of measures taken:

“Most likely, the effectiveness of these expectations is overestimated. According to Bank of Russia, exporters sold about 90% of the returned foreign exchange revenue until the adoption of a new decree, while export, the calculations in which are held in rubles (about 40%) does not apply. In isolated form, without further increasing the key rate and cooling the growth of lending and expenses, measures to return export revenue to Russian banks will only be temporary short -term support to the ruble. ”