Russian Cabinet sets currency sales volume for exporters from October 16

MOSCOW: The Russian government has fixed the share of currency revenues to be sold by individual exporters from October 16. "In accorda...

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MOSCOW: The Russian government has fixed the share of currency revenues to be sold by individual exporters from October 16.

"In accordance with the approved presidential decree, the resolution of the government sets forth that starting from October 16 of this year, individual Russian exporters are obliged to credit at their accounts with Russian banks at least 80% of total foreign currency received in accordance with terms of their export contracts," the office of the government said.

These companies are also "obliged within a fortnight to sell in the domestic market of the country at least 90% of currency revenues credited at their accounts with Russian banks but at least 50% of funds received in accordance with each export contract, within the term not above 30 days from the time of their receipt," the Cabinet informed.

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