Russia cuts share of obligatory foreign currency sale to 50%

MOSCOW, May 24 (PRIME) -- President Vladimir Putin has signed a decree to reduce the share of foreign currency revenue that the exporters must sell to 50% from 80%, according to the document published on Tuesday on the government’s website for disclosure of legal information.

The Finance Ministry obliged all exporters on February 28 to sell 80% of their revenue in foreign currencies for all contracts with foreign clients.

On Monday, the government’s commission for foreign investment control approved the reduction of the share to 50% saying that the ruble’s exchange rate had stabilized and the financial market’s foreign currency liquidity was at an adequate level.

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