Official: Finance Ministry to ease foreign trade, expects no crisis

MOSCOW, Oct 24 (PRIME) -- The Finance Ministry’s idea to cancel mandatory repatriation of funds earned by exporters is aimed at easing foreign trade payments and cash flow, and is not linked with crisis expectations, Deputy Finance Minister Vladimir Kolychev said at a forum on Tuesday.

“We have been discussing the issue for a long time,” he said.

Business daily Vedomosti reported citing Finance Minister Anton Siluanov’s report to Prime Minister Dmitry Medvedev that the ministry wants to liberalize foreign exchange legislation to abolish mandatory funds repatriation and to authorize the central bank and the government to implement strict foreign currency limits in a crisis environment.

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