The trend towards a weakening of the ruble, which resumed in the Russian Federation just a day after Vladimir Putin’s decree obliging exporters to sell foreign currency earnings, also manifested itself on October 17.
On the background messages in the Russian media about the stability of the ruble, the dollar rose again on the Moscow Exchange at the start of trading.
Following the start of trading course dollar amounted to 97.51 rubles/1 dollar, which is 11.25 kopecks more than the level of the previous close of trading.
Moreover, the dollar turned out to be above level the current official exchange rate is 22.35 kopecks.
The euro is not traded on the stock exchange on October 17.
However, propaganda media reportthat “the ruble is stable pending noticeable incentives for movement.”
According to comments, investors took a wait-and-see approach, studying the decision of the Russian authorities to introduce mandatory sales of foreign currency earnings for a number of major exporters and news on this topic.
In addition, participants in the foreign exchange market are allegedly awaiting statements from Russian President Putin, who is taking part in the “One Belt, One Road” forum in China on October 17.
At the same time, it also became known that the Russian government probably plans to expand currency restrictions also apply to foreign subsidiaries of exporters.
On October 16, the Ministry of Finance proposed to oblige exporters to submit consolidated statements to the Bank of Russia on foreign currency assets and liabilities – that is, taking into account all subsidiaries, including foreign ones.
We remind you:
On the evening of October 11, after the closure of foreign exchange trading, became knownthat Russian President Vladimir Putin signed a decree on the mandatory sale of foreign currency earnings by individual large exporters to stabilize the ruble exchange rate.
Exporters place at least 80% of foreign exchange earnings in Russian banks, and then sell at least 90% of this on the domestic market.
At the same time, although experts recognized the immediate effect of Putin’s decree, none of them spoke in favor of the fact that the mandatory sale of foreign currency earnings would radically affect the ruble exchange rate in the future.
On October 13, the Russian ruble exchange rate at the main exchange session again began to tend to decline.
2023-10-17 08:44:35
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