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RUSSIA: Mandatory FX Sales Requirements for Exporters Eased Again

RUSSIA
  • The government is easing the requirement for mandatory FX sales by major exporters for the second time in less than a month, Bloomberg report.  Exporters are now allowed to deposit into accounts in authorized banks 40% of foreign currency received from exports, instead of at least 60% previously, according to a statement. The decision was taken due to stabilization of the national currency and a sufficient level of FX liquidity.
  • Chinese and Russian naval forces recently conducted another round of joint exercises, according to China’s Ministry of Defense. It was the fourth joint operation and took place in the western and northern Pacific Ocean, the ministry said in a statement cited by Bloomberg, adding that the operation was not targeted at any third party and had nothing to do with the current international situation.
  • There are no major data releases scheduled for today. Looking ahead, PPI data will cross on Wednesday and is the key release of the week. The CBR meet next on July 26.
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