Russia may return the forced sale of export proceeds due to the fall of the ruble – mass media
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In order to mitigate the rapid fall of the ruble, the Central Bank of Russia has sharply raised the discount rate and is discussing the return of the mandatory sale of export proceeds.
It is reported Bloomberg with reference to four interlocutors in the regulator.
The proposal regarding the mandatory sale of export proceeds was discussed at a meeting between the government and exporters on Monday, on the eve of an emergency increase in the discount rate by the Central Bank of the Russian Federation.
Two interlocutors of the agency noted that unanimity was not reached, and the next meeting may take place later this week.
Russia used the forced sale of export proceeds, along with other measures, such as restrictions on foreign currency bank transfers, to contain the ruble after launching a full-scale invasion of Ukraine last winter and spring.
We remind you:
The Board of Directors of the Bank of Russia at an emergency meeting on August 15 decided to increase the key rate by 3.5 percentage points – from 8.5% to 12% per annum.
Emergency rate increase of the Central Bank on August 15 did not lead before the strengthening of the ruble, the dollar and the euro resumed growth on the Moscow Stock Exchange.
On August 14, the official exchange rate of the ruble exceeded the mark of 100 rubles per dollar.
Economic truth
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