Russian exporters forced to sell foreign currency: Report

In an attempt to stabilize the ruble, the government may require state exporters to sell part of foreign currency holdings.

Russian exporters forced to sell foreign currency: Report
World Bulletin / News Desk
 
Authorities may soon require Russia's largest state-owned exporters to turn over a portion of the foreign currency they earned this year, according to a report in the Russian newspaper Kommersant, citing unnamed sources, on Tuesday.

The actual amounts that are to be turned over have not yet been made public, though Kommersant's sources suggested that the new regulation would require turning over all foreign currency earned after Oct. 1 of this year. 

Based on this hypothesis, a figure of $40-50 billion has been calculated, coming mostly from the energy giants Gazprom and Rosneft.  Other companies included in the new regulation would be diamond manufacturers such as ALROSA and Kristall. 

The new measure is aimed at shoring up the vulnerable ruble, which has lost over 50 percent of its value this year. On Dec. 16, the ruble saw its value drop by more than 20 percent in one day, reaching lows unprecedented since the government default of 1998. 

 

Last Mod: 23 Aralık 2014, 14:15
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