MOSCOW: Russia’s Finance Ministry stands for tighter currency control amid the current situation, though a discussion with the Central Ban...
MOSCOW: Russia’s Finance Ministry stands for tighter currency control amid the current situation, though a discussion with the Central Bank is underway so far, Finance Minister Anton Siluanov told a conference.
"Previously the Central Bank very strictly adhered to the currency control issue, and it was the other way around with us. The Finance Ministry [was] more liberal. Now it has changed as we are for tighter measures on control over [currency] flows, while the Central Bank’s position is more liberal here," he said, adding that the ministry and the regulator "are looking for" a consensus.
Meanwhile, Russian Central Bank Governor Elvira Nabiullina said that the regulator did not want to create additional difficulties for Russian economic agents, though it considered currency control measures necessary.
Russian President Vladimir Putin signed a decree on February 28, 2022 obliging residents - participants of foreign economic activities to sell 80% of foreign currency credited to accounts of participants of foreign economic activities in authorized banks on the basis of foreign trade contracts concluded by non-residents. Later the share was reduced to 50%. Starting June 10, 2022, the requirement to exporters on sale of 50% of foreign currency was cancelled.
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