Finance Minister Anton Siluanov said that thanks to the measures taken, including the mandatory sale of foreign currency earnings of exporters, the ruble exchange rate has stabilized. The department expects it to remain within these parameters.
“The current situation is that exporters supply their goods to foreign markets, but not all of the proceeds from there are brought here. And this just affects the ratio of the exchange rate to foreign currencies. Therefore, what was adopted to tighten control played a role,” said Mr. Siluanov, speaking at the marathon of the “Knowledge” society during the exhibition-forum “Russia” (quote from TASS).
Anton Siluanov emphasized that it is necessary to strive for minimal dependence on exchange rates and their fluctuations. The minister noted that it is impossible to completely abandon imported goods, but it is important to create our own competencies for the production of certain products.
On October 16, a decree by Russian President Vladimir Putin came into force, obliging exporters from a closed list to credit their accounts in Russian banks with at least 80% of the currency received under export contracts, in order to then sell at least 90% of this amount on the domestic market.
The Ministry of Finance explained that the introduced measure will provide “greater understanding in the formation of foreign exchange earnings of key Russian exporters, taking into account the changed conditions of foreign trade.” The Central Bank notes that the sale of foreign currency earnings may have a positive effect on short-term fluctuations of the ruble.