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Government Reimposes Some Exporter Capital Controls

RUSSIA
  • The government announced late Wednesday that 43 groups of exporter companies, including its main oil producers, will be required to sell their earnings from foreign sales on the domestic market for rubles to ensure a supply of foreign exchange, Bloomberg report. RUB has started the session on the front foot on the back of the measures, with USDRUB on the MICEX exchange down 3.50% at typing.
  • Mandatory requirements for companies to sell their foreign currency revenue may speed up sales, improve the liquidity situation and reduce market volatility, the Bank of Russia said as per Interfax. Adjustments of imports to tighter monetary conditions and growing attractiveness of saving in the local currency will support the RUB, they say.
  • The Bank of Russia will report trade balance data for August at 1400BST/1600 local. Gold and forex reserve data is also on the docket.
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