The Central Bank is preparing a draft presidential decree aimed at the actual abolition of the repatriation of foreign exchange earnings (the transfer of proceeds received as part of a foreign economic transaction to their accounts in Russian banks). This was announced by the First Deputy Chairman of the Central Bank of the Russian Federation Vladimir Chistyukhin at the Cheboksary Economic Forum, Interfax reports.
“We have significant concessions on the sale of foreign exchange earnings. In particular, we are currently preparing a draft presidential decree, according to which the requirement for the repatriation of foreign exchange earnings will apply to the volume of foreign exchange earnings that needs to be sold. If the mandatory sale is zero, as it is today established, then it means that repatriation should not be carried out, ”Chistyukhin said.
On February 28, Vladimir Putin signed a decree according to which resident participants in foreign economic activity (FEA) were obliged to sell 80% of the foreign currency credited to the accounts of foreign economic activity participants in authorized banks on the basis of foreign trade contracts concluded with non-residents.
On May 26, it was decided to reduce the level of mandatory sale of export earnings in foreign currency from 80% to 50%. On June 6, exporters were allowed to credit foreign exchange earnings to foreign accounts, and on June 9, the President of the Russian Federation signed a decree abolishing the requirement for exporters to sell 50% of foreign exchange earnings. The next day, a subcommittee of the Government Commission for the Control of Foreign Investments in Russia also canceled the requirement for the mandatory sale of 50% of foreign exchange earnings for raw and non-commodity contracts in any currency.