Cbank: Foreign currency revenue sales to improve market liquidity

MOSCOW, Oct 12 (PRIME) -- The reintroduction of obligatory foreign currency sales in Russia will improve liquidity and contribute to reduction of short-term volatility on the market, the central bank said щт Thursday.

"The requirements set for repatriation and obligatory sales of foreign currency revenue for 43 groups of companies might raise the speed of foreign currency sales by companies, improve the situation with liquidity and contribute to the reduction of the short-term volatility on the market," the central bank said.

The restrictions are of a target nature, which is why they will not disrupt the established foreign trade procedures, the authority also said.

President Vladimir Putin signed a decree late on Wednesday introducing obligatory foreign currency revenue sales by some Russian exporters for six months.

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