OREANDA-NEWS The decree on the mandatory sale of foreign exchange earnings by Russian exporters does not necessarily need to be extended in conditions of a high key rate. The need to extend measures to support the ruble was assessed by Andrey Gangan, First Deputy Director of the Monetary Policy Department of the Bank of Russia, as quoted by Interfax.

The regulator believes that the norms obliging to sell a part of the currency are irrelevant with a tight monetary policy (DCP).

"We believe that the increase in the key rate itself significantly affects the dynamics of the exchange rate through two channels. The first channel — it somewhat "cools" imports, the second channel — it, let's say, more economically stimulates exporters to sell foreign exchange earnings," Gangan explained.