The Russian government announced on Saturday a reduction in the mandatory foreign currency sales requirement for major exporters from 60% to 40%. The decision, published on the Telegram messaging app, was made due to the stabilization of the national currency exchange rate and the achievement of sufficient foreign exchange liquidity.
Initially, an 80% forex sales requirement was imposed in October 2023 to support the rouble, which was later reduced to 60% in June. The Russian central bank stated that these compulsory forex sales helped calm volatility in the rouble market, allowing for a relaxation of controls.
Despite this, the rouble hit a three-week low this week, following an initial strengthening due to U.S. sanctions on the Moscow Exchange in June, which caused Russia’s main financial marketplace to halt trading in euros and dollars.