GENERICO.ruEconomicsPutin instructed Rosfinmonitoring to monitor the decree on foreign exchange earnings

Putin instructed Rosfinmonitoring to monitor the decree on foreign exchange earnings

MOSCOW, October 13. Rosfinmonitoring will be the supervisory authority for the execution of the decree on foreign exchange earnings to control cash flows, said Russian President Vladimir Putin.
“I would like to draw your attention to the fact that they (Rosfinmonitoring – ed.) are appointed not to regulate or manage anything, but only for one purpose – to have reliable and complete information about these cash flows, here and everything so that the state is aware of the events taking place,” the head of state said at a press conference following his visit to Kyrgyzstan.

Putin added that the signed decree on the mandatory sale of proceeds in foreign currency is the result of joint work by the government, the presidential administration and the Central Bank. “Our economic operators quickly coped with all the problems that they tried to create for them from abroad. And now there is reason to believe that the ruble exchange rate is fluctuating, including because foreign exchange earnings are not being returned in sufficient quantities to to use this money supply on the domestic market,” the Russian President said.

Putin concluded that the decree will have an effect, since it is a compromise between specialists who assume that a positive result is expected.
On Wednesday, the press service of the Russian government reported that Putin had introduced by his decree for six months the mandatory sale of proceeds in foreign currency received by individual Russian exporters under foreign trade contracts. It is clarified that for a number of companies, mandatory repatriation of foreign currency earnings and its sale on the Russian market will be introduced for 6 months. The volumes and timing of sales will be established by the Russian government. In addition, an obligation is being introduced for individual companies to submit to the Bank of Russia and Rosfinmonitoring indicative plans and schedules for the purchase and sale of foreign currency on the domestic market. Also, authorized representatives of Rosfinmonitoring are introduced into individual companies. Their tasks include monitoring and enforcing compliance with foreign exchange regulations. The presidential decree defines a specific list of exporters who will be affected by these measures. It consists of 43 groups of companies related to the sectors of the fuel and energy complex, ferrous and non-ferrous metallurgy, chemical and forestry industries, and grain farming.

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