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Authorities Tweak FX Rules to Mitigate Stronger RUB

RUSSIA
  • In a piece focusing on mandatory sale of FX rules for exporters, Vedomosti write that the Russian authorities are looking for ways to keep the RUB from strengthening further. They write that the requirement for exports to sell 50% of their FX earnings has been cancelled, and the amount that they will have to sell in the future will be determined by a government commission and the terms will be set by the CBR.
  • Kommersant report that banks are beginning to introduce fees on their foreign currency accounts in Russia, as the accounts themselves become increasingly unprofitable to maintain and as banks remain cautious of further sanctions pressures. As a result, the fees are being installed to incentivise clients to switch to RUB, or send the foreign currency overseas.
  • Elsewhere, Kommersant write that some Russian regions may face a significant increase in unemployment by the end of 2022, according to CSR. The piece writes that firms may begin to transfer employees to ‘idle time’ or reduce the variable elements of salaries. The highest unemployment rates are expected in the Kurgan region (12.5%), Komi (12.3%), Karelia (11.8%), Ulyanovsk and Kostroma regions (10.5%).
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