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Government Formally Cancels FX Sales Rules

RUSSIA
  • Reuters reports that the Russian government have dropped the requirement for exporting companies to sell 50% of their FX revenues, effective today.
  • This is as expected - from Vedomosti this morning: "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."

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