Against the backdrop of stabilizing conditions in the foreign exchange market, the Bank of Russia has decided to further soften the requirements for mandatory foreign exchange sales by exporters.

The norm requiring exporters to sell 80% of their foreign currency earnings within three days was established by the presidential decree №79 of February 28, 2022. In March, another presidential decree was issued, allowing for deviations from this norm with the authorities’ permission. On Tuesday, the central bank announced that companies engaged in non-commodity non-energy exports could sell their foreign currency earnings within 60 business days.

On Thursday, the regulator announced that “in conditions of stabilizing the situation in the foreign exchange market, it has decided to further soften the requirements for mandatory foreign exchange sales by exporters.” Just two days after the relaxation of the mandatory sale deadlines for non-commodity non-energy sector companies, it was extended to all other exporters.

All exporters are now entitled to carry out the mandatory sale of foreign currency credited to their accounts in authorized banks starting from April 19, 2022, in the amount established by Presidential Decree №79 of February 28, 2022, no later than 60 business days from the day of its credit to transit currency accounts in authorized banks.

Earlier, the currency sale deadline was extended from three to 60 business days for non-commodity non-energy exports.

The decision will improve exporters’ opportunities to manage their foreign currency liquidity.

The permission is valid until September 1, 2022, but in the event of changes in the financial market situation, it may be adjusted.

Source: Bank of Russia