© Reuters. FILE PHOTO: Russian 1000-rouble banknotes are seen inside a foreign money counting machine in a financial institution workplace in Moscow, Russia, on this illustration image taken October 9, 2023. REUTERS/Maxim Shemetov/Illustration/File Photograph
MOSCOW (Reuters) – Russia’s central financial institution on Thursday stated exporters had elevated international foreign money gross sales to $13.9 billion in November from $12.5 billion in October, as capital controls compelled the switch of FX revenues and buttressed the rouble.
The Russian foreign money strengthened for seven straight weeks from early October to late November, rebounding from greater than 100 to the greenback after President Vladimir Putin reintroduced capital controls mandating some exporters convert their FX revenues.
The rouble has since weakened to commerce near 93 per greenback now.
“The rouble’s weakening at the start of December happened due to the seasonal decline of FX supply and the sustained volumes of FX purchases to pay for imports,” the central financial institution stated in a report.
The financial institution stated Russians purchased international foreign money price 162.9 billion roubles ($1.77 billion) in November, primarily {dollars} and euros.
Finance Minister Anton Siluanov on Thursday stated the capital controls have been non permanent.
“I am sure that the restrictions there are today will gradually go away,” he stated in the course of the ‘Russia Calling’ monetary discussion board in Moscow.
Central Financial institution Governor Elvira Nabiullina reiterated her opposition to the controls.
“I am a big opponent of the constant manipulation with currency restrictions,” Nabiullina stated. Repeated tweaks may lead companies to attempt to preempt tighter restrictions and withdraw funds prematurely, she added.
“This may additionally stimulate the outflow of capital,” Nabiullina stated. “They should be temporary.”
The central financial institution final week stated the measures would keep in place till the top of April.
($1 = 92.2850 roubles)
