In Russia again rescued ruble: business will be to share currency in shadow accounts

In Russia, they came up with a new way to stop the fall of the ruble and eliminate currency deficiency in the domestic market. It is expected that the business will help to cope with this, but after that the national currency of the Russian Federation can fall up to $ 120 per dollar. The State Duma of Russia was proposed to consider a bill that obliges Russian top exporters to report to the Central Bank about their currency assets abroad. About it October 30 writes The Moscow Times.

In this way, the government wants to make financial control more stringent and reduce foreign currency deficits in the country. "The Russian authorities continue to intensify control over the foreign exchange operations of large companies to stabilize the ruble before the presidential election and take control of the rapid increase in inflation," the publication reads.

Journalists write that the bill provides for the compulsory disclosure of the "shadow" inventories of currency, which large exporters store in the accounts of foreign subsidiaries. If the document is voted, the rules will be effective from January 1, 2024. It is noted that in 2022, Russian companies have accumulated about $ 80 billion raw materials abroad, which they never transferred to Russia.

The amount of inventories in corporate accounts with Russian banks at the same time decreased by one third - from $ 174. 9 billion to a full -scale invasion of Ukraine, and up to $ 117 billion as of June 1, 2023. "The disclosure of exporters 'daughters' currency inventories is necessary to establish the possibility of more fully coverage of currency risks in the conditions of restrictive measures by the" unfriendly "states in the Russian Federation," the newspaper writes.

After the jump in the dollar above 100 rubles, the Russian authorities initially demanded that Russian exporters sell more currency on the exchange to support the ruble. And since October, 43 largest oil and gas, metallurgical, chemical and grain companies, according to Vladimir Putin's decree, should give at least 80% of the currency proceeds to Russian banks and then sell at least 90% of this volume in the domestic market.

"Currency control will bring two to three billion dollars to the market on a monthly basis. Thanks to this, the authorities will be able to resolve the issue with a deficit of currency in recent months. But if the decree is canceled after the election, the ruble will restore the fall-up to the 120 mark for a dollar,"- Confident journalists. Recall that analysts prophesy the ruble further fall. But the Russian government assures that there is nothing wrong with the national currency.